Charter Hall Group closed its A$804 million acquisition of half-stakes in two freehold office buildings at 10 Shelley St. and 12 Shelley St. in Sydney from Brookfield Properties Ltd., The Australian Financial Review reported.
One of the biggest deals in the city in 2018, the completed transaction, brokered by Cushman & Wakefield and JLL, reflected a blended yield of approximately 4.5%, according to the publication.
The purchased commercial properties in the city's King Street Wharf precinct are leased to Suncorp Group Ltd. and American Express. They have a combined net leasable area of 42,000 square meters and occupy a 5,966-square-meter site.
The listed property company bought the interest in the building at 10 Shelley St. through a partnership between its Charter Hall Prime Office Fund and Charter Hall Direct Office Fund, while the 12 Shelley Street asset was acquired through Charter Hall Prime Office Fund and Charter Hall Direct PFA Fund, the Jan. 16 report added.