Cromwell Property sells stake in Sydney office for A$300m

Hong Kong billionaire Francis Choi, founder of Early Light International, the largest manufacturer of toys in the world, is the new sole owner of one of North Sydney’s prime office buildings, Northpoint Tower, buying out the remaining 50 percent of the building for A$300 million ($210 million).

The seller is Cromwell Property Group.

Cromwell and Redefine Properties jointly purchased the building for A$278.8 million ($195 million) in 2013. Choi acquired Redefine’s stake in August 2018 for A$300 million ($210 million).

The 44-story tower underwent a A$130 million ($90 million) repositioning project, which included convenience retail on the ground floor, a dining section on the upper levels and the addition of a 187-room boutique hotel, Vibe Hotel.

The toy manufacturer also owns Exchange Centre in Bridge Street and 1 Castlereagh Street.