Property Development

Developer Sells Pyrmont Office to Suntec REIT for $297m

Written by The ReReport
As seen in the Source link, written by theurbandeveloper.com on 2019-07-02 15:05:58

Suntech chief executive Chong Kee Hiong described the purchase as a “strategic fit” with Suntec REIT’s portfolio.

“We are pleased to deepen our presence in Australia with the acquisition.”

“Following the completion of this acquisition, approximately 14 per cent of Suntec REIT’s assets under management will be in Australia.”

Suntec REIT holds a 100 per cent interest in a commercial building at 177 Pacific Highway Sydney, a 50 per cent interest in Southgate complex in Melbourne, and a 50 per cent interest, purchased from Mirvac, in landmark commercial building Olderfleet 477 Collins Street in Melbourne.

The Pyrmont purchase is expected to be completed in the first quarter of 2020, following practical completion.

Sydney’s Pyrmont has a strong record attracting major tenants such as Google, The Star Entertainment Group and Paramount Pictures.

The Harris Street asset will have an estimated total net leasable area of 18,888sq m, along with retail space and 170 car park lots.

Established in 2010, developer Milligan Group’s current Sydney projects include 20-22 William Street Beaconsfield, 10-14 Cooper Street Surry Hills, with completed projects including 820-838 Elizabeth Street Waterloo and 80-88 Regent Street Redfern.