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