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Credit Suisse sells 50% stake in Australian Taxation Office building for A$176M

Credit Suisse Group AG is divesting its 50% stake in the Australian Taxation Office building in Sydney to boutique investment house Arcadia under a A$176 million agreement, The Australian Financial Review reported.

If the JLL-brokered deal pushes through, Arcadia will co-own the 12-level office building at 52 Goulburn St. with Canadian company Brookfield, which sold the half-stake to the financial services provider in 2007, the paper noted.

The office property, which includes 23,100 square meters of space and a parking area for 210 cars, forms part of the World Square commercial complex in the city's central business district, according to the March 27 report.

Arcadia, which manages more than A$1.5 billion of real estate assets, intends to put the property under the portfolio of its Australian Wholesale Property Fund following the deal's completion. The fund, according to the report, also owns 50% interests in each of three other properties within the World Square complex: the buildings at 680 George St. and at 560 Goulburn St., which are also 50%-held by Brookfield, and the World Square shopping center and car park, which the fund co-owns with superannuation fund ISPT.