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Brookfield Property mulls 25% stake sale in A$1.8B Sydney development

Brookfield Property Partners LP is offering a 25% stake in a A$1.8 billion asset development in Sydney for as much as A$500 million.

The stake sale, which could rake in at least A$450 million for Brookfield, has already caught the attention of major property fund manager QIC Global Real Estate, The Australian Financial Review reported.

The office-retail Wynyard Station project will include the development of 10 Carrington St., a 27-level 59,000-square-meter office tower; the restoration of historic office buildings at Shell House and 285 George St., which will add 9,400 square meters of additional boutique office space; and the development of 7,000 square meters of retail space along George Street.

The AFR reported Jan. 24 that approximately 46% of the leasable area at the development will be granted to National Australia Bank by 2020. The expression of interest for the stake sale closes March 15.

A spokesperson for Brookfield was quoted by the publication as saying that a capital partner is indeed talking with the company for Wynyard Place.

As of Jan. 24, US$1 was equivalent to A$1.32.