Link, the manager of Link REIT has entered into an agreement with Aware Real Estate for the divestment of a 50 percent stake in 100 Market St. in Sydney for about A$226 million ($158 million).
John Saunders, Link’s executive director and CIO, said: “The transaction demonstrates our active portfolio optimization and disciplined capital recycling approach, where we are going back to basics to focus on our strength in owning and managing retail assets in Asia Pacific [APAC]. The transaction allows us to reduce our exposure while establishing a new capital partnership and continuing to provide agreed management services that support the operation of the investment. We intend to use proceeds for both unit buybacks, subject to regulatory requirements and market valuation, as well as to reinvest into our core retail portfolio in APAC in line with our back-to-basics approach.”
Alek Misev, head of property, Aware Super, said: “The 100 Market Street investment by the Awa
