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IProsperity takes full ownership of Sydney office leasehold with A$107M buy

Chinese private equity group iProsperity gained complete ownership of the office leasehold on the 3,300-square-meter site at 1-5 Railway St. in Sydney's Chatswood district, by paying A$107 million for its partner Lotus Capital Asset Management's stake in the asset, The Australian Financial Review reported, citing iProsperity CEO Michael Gu.

The duo teamed up to acquire the leasehold of the 56-year-old ground lease in June 2017, according to the paper, which added that Lotus also intended to purchase the underlying freehold land on sale. With Sydney-based Barana Group sweeping the property off the market with a roughly A$40 million buy in 2017, Lotus resolved to forgo the leasehold deal given the less favorable conditions.

The property features two 12-story commercial office towers that are connected by a retail podium, as well as a 100-car basement parking. The 3,806-square-meter site offers 17,732 square meters of net lettable space, the March 28 report noted.