Fund manager lands share of North Sydney tower
TIAA Henderson Real Estate (TH Real Estate) has secured a 50 per cent stake in North Sydney's landmark office building, 101 Miller Street, and the Greenwood Plaza retail complex, for $300 million from the Mirvac Group.
The deal will see Mirvac maintain 50 per cent ownership of the complex which houses State and Federal Government departments, Genworth and energy supplier AGL, across the 37,549 sqm, 27 floor, office block.
The office tower has an occupancy rate of 99 per cent, while the Greenwood Plaza has a 100 per cent occupancy rate, anchored by Coles.
TH Real Estate Australia executive director, Nick Evans, said the acquisition fitted the company's strategy of owning "dominant, well-located, well leased office and retail properties".
"The exceptionally well-located complex offers a diverse income stream from retail and commercial tenants," he said.
"We are delighted to be advising sophisticated global investors in the Australian market.
"This acquisition is testament to our commitment to combine global scale with local expertise on the ground, and to provide our clients with access to the most attractive investment opportunities and best in class operating partners".
AUTHOR
Nicholas O'Donoghue
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