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PAG takes 50% stake in A$800M Sydney office tower to market

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PAG takes 50% stake in A$800M Sydney office tower to market

PAG Investment Management hired Savills to market its 50% stake in the 60 Margaret St. office tower in Sydney, The Australian reported.

A sale, to be carried out off the market, would value the city's sixth-largest office complex at upward of A$800 million.

The Hong Kong investment manager, which bought the interest in the tower in 2015 for more than A$300 million, co-owns the property with local developer Mirvac Group. It is unclear if Mirvac is interested in buying out its partner, much like it did for the Westpac Place building, also in Sydney, which Blackstone Group LP sold for A$850 million.

There are 36 stories of offices and three levels of retail space at 60 Margaret St.