Australian REIT Abacus Property Group has acquired a North Sydney office from Oxford Properties for A$311.3 million ($211.4 million).
The 99 Walker Street property is a 21-story, class A asset with more than 19,295 square meters (207,690 square feet) of net lettable space and a 229-space garage.
Located at the midpoint between North Sydney Station and Victoria Cross Station (completion scheduled for 2024), the asset is expected to benefit from North Sydney’s revival.
Steven Sewell, Abacus managing director, commented, “This transaction aligns with our strategic priority of acquiring assets in specific locations where we see amenity and infrastructure improvements that we believe will translate to strong tenant demand. The acquisition demonstrates our solid progress as Abacus transitions to a strong asset-backed, annuity-style business model.
“Importantly, the acquisition of this asset, on balance sheet by the group, delivers on the strategic priorit
