Publications

- March 1, 2022: Vol. 14, Number 3

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Allianz-NPS fund to buy stake in Sydney’s Commonwealth Bank Place

by Jennifer Molloy

Allianz Real Estate, on behalf of South Korea’s National Pension Service (NPS) and Allianz group companies (Allianz), via its AREAP Core I fund, has agreed to acquire a 50 percent stake in Sydney’s Commonwealth Bank Place at Darling Quarter for a gross valuation of approximately US$445 million. The transaction is expected to close in the first quarter of 2022.

Located on Harbour Street in Sydney, the entire office component is leased to Commonwealth Bank of Australia with a weighted-average lease expiry of more than 12 years.

Completed in 2012, the Darling Quarter asset comprises roughly 61,000 square metres of net lettable area across two towers of campus-style, premium-grade office space with retail shops on the ground level. The asset has a 99.7 percent committed occupancy rate and was awarded 6-Star Green Star Design and As-Built certification, and is currently operating with 6-Star NABERS Energy and 6-Star Water ratings.

This deal is in line with AREAP

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