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Report: Zone Q in due diligence to buy AEW Capital's Sydney building for A$255M

Zone Q, the Australian arm of China's JiaHe JianAn Group, is believed to have commenced due diligence on AEW Capital Management's office building at 55 Clarence St. in Sydney, The Australian Financial Review's Street Talk blog reported.

The pair is understood to have entered an off-market agreement that would value the office property at roughly A$255 million. According to the May 11 report, the CBRE-brokered deal reflects a passing yield below 4%.

The building in consideration offers almost 15,000 square meters of space. It was purchased by the U.S.-based investment manager for A$169 million in December 2016, the publication noted.