trending Market Intelligence /marketintelligence/en/news-insights/trending/bQlr9kiO6xueee_6mouwLQ2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

Dexus JV agrees to sell Sydney tower stake to Charter Hall consortium for A$630M

Credit Analytics Case Study Poundworld Retail Ltd

Segment

IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help

The Market Intelligence Platform

Real Estate

Real Estate Solutions Overview


Dexus JV agrees to sell Sydney tower stake to Charter Hall consortium for A$630M

A 50/50 joint venture between Dexus and Perron Group Ltd. is selling a collective 75% stake in a commercial property development in Sydney's central business district to a Charter Hall Group-managed consortium involving Abacus Property Group.

The consortium is paying a total consideration of A$630.0 million for the property at 201 Elizabeth St. Settlement of the agreed transaction is expected by mid-November, while the acquisition of the remaining 25% stake in the property is subject to a put-and-call option that will expire by the end of October 2020.

The property changing hands as part of the deal comprises a 99.9%-leased commercial building with 34 levels of office space and more than 36,983 square meters of net lettable area. It also includes a lower ground food court, which spans over 1,428 square meters and home to 12 retail tenants, as well as basement parking space for 169 cars.

Dexus' partnership intends to build a 350-room luxury hotel, retail and an apartment block at 201 Elizabeth St. In March, Starwood Capital LLC reportedly backed out from buying the A$400 million hotel component of the integrated development, after deeming the asset too expensive.

Aside from the property transaction, Charter Hall and Abacus are also teaming up to take over Australian Unity Office Fund. The pair are currently conducting due diligence for their indicative A$3.04-per-unit takeover proposal, which values the targeted office-focused real estate investment trust at A$495.0 million.