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Transactions - AUGUST 13, 2019

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QuadReal, Charter Hall and Abacus to acquire A$630m Sydney office

by Andrea Zander

Australian property developer Charter Hall has teamed up with Abacus Property Group and the real estate arm of British Columbia Investment Management Corp. to acquire a 38-story office tower in Sydney’s central business district for A$630 million ($425.9 million).

As part of the deal, Charter Hall will pick up a 68 percent stake in the freehold building located on Elizabeth Street, Sydney, while Abacus will take up the remaining 32 percent from a joint venture between Australian companies Dexus and Perron Group.

Charter Hall is acquiring the stake in the tower through two partnerships — an existing Deep Value Property Fund (DVP) partnership and a new partnership formed with one of Canada’s largest pension fund-owned property groups, QuadReal.

The class A office property totals 36,983 square meters (398,082 square feet).

Recently, two Charter Hall wholesale funds combined to partner with GIC, Singapore’s sovereign wealth fund,

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