PGIM Real Estate has agreed to acquire a 75 percent interest in the prime retail and commercial component of the York & George mixed-use project, currently under development by Fife Capital at 383 George Street, Sydney.
PGIM Real Estate is the real estate investment business of PGIM, the $1 trillion global investment management businesses of U.S.-headquartered Prudential Financial.
PGIM Real Estate has entered into a structured purchase arrangement for the property, which is currently scheduled for completion in late 2018. It will own the asset in conjunction with the seller, a Fife Capital–managed investment partnership.
The 80,000-square-foot property comprises flagship retail space on the newly pedestrianized George Street, along with additional retail and boutique commercial space. Completed flagship retail space is already occupied by Optus and Vodafone, which are open for business.
The balance of the project will be completed in stages, wit
