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Poly Property markets stakes in A$1B office projects in Australia

Poly Property Group Co. Ltd. is selling stakes in approximately A$1 billion worth of office projects in Sydney and Melbourne with the help of Knight Frank, The Australian reported.

The Chinese property development group is seeking out partners who will own a 49% stake in each of the marketed projects that are held through its managed investment trusts. The interests, according to the publication, are being offered to both local and offshore investors.

The sale, which is being conducted as part of the company's strategy to expand its global asset management business, was started after Poly Property received approaches for the projects, the Feb. 25 report added.

Amid the ongoing sale, Poly Property's A$500 million office tower development at 210-220 George St. in Sydney is gaining traction with Watpac Ltd. conducting early contracting works on the 17,000-square-meter Poly Centre Sydney project. The company is also searching for a tenant to anchor its 24-story office building spanning about 31,500 square meters at 1000 La Trobe St. in the Docklands suburb of Melbourne, according to the paper.