Allianz-NPS fund to acquire 50% stake in marquee Commonwealth Bank Place asset in Sydney

Allianz Real Estate, on behalf of National Pension Service of Korea (NPS) and Allianz group companies, via its AREAP Core I fund has entered into definitive agreements to acquire a 50-percent stake in Sydney’s Commonwealth Bank Place (Darling Quarter) asset at a gross valuation of approximately $445 million. The transaction, subject to regulatory approvals, is expected to close in first quarter 2022. AREAP Core I is 82 percent committed, and this asset provides attractive diversification to the portfolio

The asset is on Harbour Street in Sydney, with the entire office component leased to Commonwealth Bank of Australia with WALE for more than 12 years. Completed in 2012, Darling Quarter comprises total net lettable area of about 61,000 square meters (656,599 square feet) across two towers of campus-style premium-grade office space alongside retail shops on the ground level. The asset has a 99.7-percent committed occupancy rate and was awarded 6-Star Green Star Design and As