Transactions - AUGUST 18, 2014

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KKR enters Australian market with A$120m buy

by Andrea Waitrovich

KKR has entered the Melbourne market with its new partner Abacus Property Group. The firms made an official announcement of the acquisition.

KKR and Abacus paid A$120.4 million ($112 million), excluding transaction costs, for a 70 percent interest in Towers 2, 3, and 4 of the World Trade Center in Melbourne, while the seller, Asset 1 WTC, will retain a 30 percent co-ownership interest.

KKR’s Melbourne investment represents its first real estate investment in Australia.

The property is a part of the Northbank precinct adjacent to the central business district, one of Melbourne’s largest integrated waterfront mixed-use developments, which has been transformed into a vibrant comm

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