Cromwell Property Group has sold a 50 percent stake in 475 Victoria Avenue, Chatswood, Australia, for A$120 million ($79 million), and it has entered into a joint venture for its expansion with a private fund managed by BlackRock.
Situated in the heart of the booming Chatswood precinct, 475 Victoria Avenue comprises two 13-level office buildings, ground-floor retail and three levels of basement parking. Vacancy levels in Chatswood currently sit a 3.7 percent, as companies increasingly look outside the Sydney CBD for quality office space.
The sale represents another practical example of Cromwell’s “invest to manage” strategy, which involves investing capital to acquire or develop assets, creating new funds, selling down and then recycling the released capital into new opportunities.
Rob Percy, Cromwell’s CIO, said, “Similar to the strategic approach taken with Northpoint Tower in North Sydney, the location, high-caliber tenants and considerable developm
