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Australian family sells 2-estate portfolio in Melbourne for nearly A$100M

A portfolio of two family estates in Melbourne's central business district was sold by three brothers for nearly A$100 million, The Australian Financial Review reported.

The Nov. 21 report noted that the portfolio, which comprises the heritage-listed Duke of Wellington pub and an office building on Russell St. and the 65-room Adina Hotel on Flinders St., was sold higher than the expected A$80 million at yields under 4%.

A private family purchased the adjoining assets on Russell St., while the Adina hotel was sold to local investor Yong Quek. The buyers outbid at least 35 separate offers, some of which were Asian investors, the paper noted.

The sellers, brothers Morry Schwartz, Alan Schwartz and Danny Schwartz, are part of Melbourne's high-profile Schwartz family who are prominent in the development, finance and publishing sectors, the publication added.