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Asian-backed group offers A$110M for Stockland office asset in Sydney

An unidentified Asian-backed group in pursuit of Stockland's office complex at 77 Pacific Highway in Sydney submitted a more than A$110 million bid for the property, which has a book value of A$92 million as of December 2017, The Australian reported.

The 9,392-square-meter property has 15 levels for commercial tenants, a ground-floor café and a two-level basement parking, the publication noted March 23. It is home to tenants that include Saville & Holdsworth Australia, Talent 2 Works, Insurance House, Infosys Technologies Australia and Health Administration Corp.

Stockland, which bought the A-grade building in 2000 for A$61.8 million, declined to comment on the matter, The Australian added.