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Growthpoint leads race to buy John Holland's A$350M Sydney office complex

Growthpoint Properties Australia has emerged as the frontrunner for the acquisition of John Holland Group Pty. Ltd.'s A$350 million office complex in Sydney's Macquarie Park suburb, The Australian reported Oct. 3.

The listed Australian developer is competing with other potential buyers for the acquisition, including South Korean companies.

The targeted property office complex, which may trade at a yield below 5%, will form part of a larger A$1 billion precinct and will eventually house the New South Wales government. Proceeds from its divestment will be directed toward the expansion of John Holland's development pipeline.

Parties associated with the potential transaction declined to comment on the matter, as did JLL and Colliers International Group Inc., which are managing the property's sale, the publication reported.