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Report: Lendlease fund moves to exit A$370M Australian building

LendLease Group's Australian Prime Property Fund Commercial is believed to be selling its 50% stake in the 30-floor building at 66 Eagle St. in Brisbane, Australia, The Australian Financial Review reported, citing unnamed sources.

The fund, which has the preemptive right to buy the remaining half stake that it does not already own in the property, is reportedly offering the interest at a price that will value the building at approximately A$370 million, the Sept. 10 report noted. The property has a net lettable area of 35,000 square meters.

According to the publication, the Australian property group appointed JLL and Cushman & Wakefield to help with marketing the property.

Abu Dhabi Investment Authority, which co-owns the property, is also said to be divesting its shareholding in the tower, according to a June report.

A spokesperson for LendLease declined to comment, according to AFR.