Stockland Swaps North Sydney Tower for Sydney CBD Office Building
The listed property group, which is reported to want to boost its exposure to the Sydney CBD market, will receive the 9 Castlereagh Street office building and about $22 million cash from private investor Terry Agnew.
Mr Agnew will receive the office and retail complex known as Northpoint, which is believed to be worth about $225.5 million.
The swap was acquired on a low yield of 6 per cent for the Castlereagh Street building, and 5.5 per cent for Northpoint.
CB Richard Ellis agents Rob Sewell and Josh Cullen negotiated the off-market transaction.
