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Redefine in advanced talks for sale of half-stake in A$600M Sydney tower

South Africa-based developer Redefine Properties Ltd. is in advanced talks with an unidentified private Asian investment house for the sale of its 50% stake in a A$600 million tower in Sydney's north that it co-owns with Cromwell Property Group, The Australian reported.

Cromwell and Redefine purchased the 34-level Northpoint Tower office in late 2013 for A$278.7 million from Tower Holdings, a deal reflecting an 8.7% yield. Since then, the pair has spent A$130 million on improving the building, which is undergoing an almost-completed overhaul, the March 8 report noted.