Asian JV buys Sydney office for $172m
Investa Commercial Property Fund has sold the office located at 130 Pitt Street in Sydney for A$229 million ($172 million) to PA Realty, a joint venture between Mitsubishi Estate Co. and CLSA Real Estate.
The property was acquired by ICPF for A$112.15 million ($84 million) in 2007.
The building totals 108,693 square feet of net lettable area and is located adjacent to the MLC Centre, walking distance to Pitt Street Mall and Town Hall Station, with prime retail shop frontage to Pitt Street.
Proceeds from the sale will be used to reinvest in the fund’s development pipeline and position the capital of the fund to take advantage of compelling acquisitions in the market.
According to CBRE, Australia’s commercial real estate remains an attractive asset class for offshore capital, with foreign investors accounting for 33 percent, or $1.6 billion, of all transaction activity in the first half of 2017.
“Foreign investment still accounted for approxima