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Centuria Capital gears up for A$200M sale of Sydney tower

Centuria Capital Group is looking to reap more than A$200 million from the sale of an office tower located in a key financial precinct in Sydney's central business district, The Australian reported.

According to the June 7 report, Centuria's unlisted funds arm, which is marketing the property, is inviting bids for the 10 Spring St. building.

In relation to the sale, the publication floated Lendlease Corp. Ltd. as the most likely buyer to close on the property, reasoning that the tower will appeal to the developer because of its proximity to assets it already owns.

The Australian added that the buyer of the property would benefit from Sydney's draft planning policy that allows developments of up to 300 meters tall.

As of June 6, US$1 was equivalent to A$1.33.