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Australian funds' A$200M Sydney office building to change hands

The 15,500-square-meter office building at Sydney's 9 Hunter St. and co-owned by two superannuation funds and a Victorian investment manager could soon have a new owner with a buyer now conducting due diligence on the A$200 million asset, The Australian Financial Review reported.

Future Fund, Funds SA and Victoria Funds Management Corp. allowed specialized real estate investment and advisory group Ashe Morgan to inspect the property, which was taken to the market in July, the Oct. 18 report noted.

According to the publication, the consideration for the purchase, which will be made on behalf of an overseas mandate, represents a yield in the low 5% range.

JLL and CBRE are managing the sale of the grade A building, the paper added.