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Brookfield sells development stake for A$450m
Transactions - AUGUST 29, 2019

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Brookfield sells development stake for A$450m

by Andrea Zander

The Hong Kong Monetary Authority (HKMA), which manages the reserves of the Hong Kong government, has acquired a 25 percent stake in Brookfield’s Wynyard Place development in Sydney, for a reported A$450 million ($303 million).

The acquisition was carried out by AMP Capital, which is an existing investor in the $1.2 billion project, on behalf of the HKMA, according to a report by the Australian Financial Review.

The Sydney-headquartered global investment manager already owns nearly 50 percent of Wynward Place, after it bought a 25 percent stake through its Wholesale Office Fund and another 24.9 percent stake on behalf of its client UniSuper last year.

The Wynyard Place stake acquisition is HKMA’s second investment in Sydney this year.

The project is due to be completed next year.

Wynyard Place is a 75,000-square-meter (807,000-square-foot) precinct that will have a 59,000-square-meter (635,000-square-foot) office tower across 27 levels,

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