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Goodman sells Sydney office asset to residential developer

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Goodman sells Sydney office asset to residential developer

Goodman Group sold the 1-hectare site that houses the Everglade Campus at Macquarie Park in Sydney to residential developer Romeciti, The Australian Financial Review reported.

Unnamed sources indicated that the sale price for the off-market transaction is close to A$120 million, according to AFR.

The Everglade Campus is Romeciti's second attempt at buying a property in Macquarie Park, as it continues to expand its presence across Sydney with apartment projects in Eastwood and Manly, the Jan. 31 report said. The office campus will be converted into a residential complex with two 20-story towers offering 357 apartments. Romeciti has reportedly submitted a development application for the A$122 million proposal.

Recently, Goodman progressed with its plan to exit the Arlington Business Parks Partnership in the U.K. by selling its remaining assets in the fund to the winning bidder, Europa Capital, for about £500 million. The company is seeking approval from its unit holders to finalize the deal.

As of Jan. 31, US$1 was equivalent to A$1.32.