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Cromwell Property Group to sell 100% interest in Northpoint Tower
Transactions - JULY 12, 2019

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Cromwell Property Group to sell 100% interest in Northpoint Tower

by Kali Persall

Australia-based Cromwell Property Group has exchanged contracts to sell its remaining 50 percent interest in Northpoint Tower for $300 million to Early Light International, a Hong Kong–based toy manufacturer.

The deal will grant Early Light, which purchased the other 50 percent stake in Northpoint from Redefine Properties, in August 2018, 100 percent ownership of the building.

Located in the North Sydney CBD, Northpoint comprises 44 levels of mixed office and retail tenancies. Originally constructed in 1977, Cromwell acquired its stake in the building for $139.35 million in December 2013, according to the company.

Cromwell lodged a development application in December 2014, with a $130 million redevelopment, commencing in January 2016. The development reached practical completion on time and on budget last March.

According to Cromwell, the transaction, alongside the company’s recent successful $375 million institutional placement and new three-year €

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