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Lotus, iProsperity JV purchases Sydney commercial asset for A$115M

Chinese-backed company iProsperity Group and Australian investor Lotus Group partnered to purchase the Chatswood Central property in Sydney for A$115 million, The Australian Financial Review reported.

The 96% leased property stands on a 3,806-square-meter land plot and has a total gross floor area 18,247 square meters spread across two commercial buildings, according to the publication.

Lotus has a luxury apartment project in the works on Premier Street in Sydney's Neutral Bay. It has also developed residential properties in Croydon, inner west Sydney.

Meanwhile, iProsperity teamed up with Toga Group and Far East Organization in May to acquire two buildings in Sydney for a combined amount of A$258 million.

As of June 5, US$1 was equivalent to A$1.34.