Investa and Manulife buy development from Macquarie

A 50-50 joint venture between Investa Commercial Property Fund (ICPF) and Manulife has acquired the right to a 100 percent interest in 39 Martin Place in Sydney. The CBD office development is currently owned by Macquarie Group.

The financial terms were not disclosed.

Brendan Looby, ICPF fund manager, commented, “The acquisition of 39 Martin Place is in line with the fund’s strategy, given the superior building quality, super prime location, leading sustainability and technology features.”

The building will be situated in Sydney’s central business district, located in Martin Place, between Elizabeth and Castlereagh Street. It will sit directly above the southern entrance of the new Martin Place metro station that is currently under construction. The new development will include 30,000 square meters (323,000 square feet) of office space across 28 floors and 2,000 square meters (21,500 square feet) of retail. The building is being constructed by LendLease a