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Impact Investment selling stake in Sydney commercial building project for A$70M

Australian fund manager Impact Investment Group is divesting its stake in a prime commercial building on One Hundred Broadway in Sydney, with an expected price of more than A$70 million, The Australian Financial Review reported.

The six-level building forms part of the city's A$2 billion Central Park urban regeneration project and is pre-let to the University of Technology Sydney on a 15-year term, the May 23 report noted.

Impact Investment, which co-owns the asset with Frasers Property Australia and Sekisui House Ltd., has an option to acquire the property upon its completion in the second half of 2018 from the two developers, according to the report.