Partners Group acquires North Sydney office building for $157m

Partners Group, the global private markets investment manager, has agreed on behalf of its clients to acquire 73 Miller Street, an office building in North Sydney, Australia. The building is being acquired from Fosun International for a total transaction value of around AUD205 million ($157 million).

73 Miller Street is an 11-story office building with a total floor area of 14,672 square meters. Following the acquisition, Partners Group will execute a value-added business plan involving the creation of an extra 13 percent of additional retail space and the refurbishment of the property to bring it to grade-A standard.

“The acquisition of 73 Miller Street is supported by favorable underlying market fundamentals,” said Rahul Ghai, managing director of Private Real Estate Asia for Partners Group. “On the one hand, rents in Sydney’s CBD have risen more than 30 percent in the past year, driving some tenants to search for more affordable office locations in other com