M&G sells boutique Melbourne hotel
M&G Real Estate has sold an inner-city Melbourne hotel held just over 10 years.
A Singapore trust managed by the London based group – the M&G Asia Property Fund – banked $39.75 million for The Cullen at 164 Commercial Road, Prahran.
Sydney based Hotel Capital Partners is the buyer.
The six-level property with 119 suites is the group’s maiden Melbourne site for its Elli Living flexible-living platform
M&G paid $47m in December, 2015.
It was one of two Art Series hotels acquired from the developer, the Deague family.
The other, The Olsen in South Yarra, cost $99m.
They were the offshore investor’s maiden Australian assets (continues below).
Both were offered for sale in 2025 with a combined price expectation of about $160m.
CBRE’s Michael Simpson, Andrew Williams and Nick Hill were the agents.
Also this month realestatesource.com.au is reporting M&G is buying a 49.9 per cent stake in two east coast logistics assets – in Brisbane and Sydney.
That interest is costing $438m.
Stockland was the seller.
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