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Australian funds manager snatches A$158M office tower from consortium

Fortius Funds Management acquired an office tower in Sydney's Goulburn St. for A$158 million, The Australian reported.

Singaporean firm Roxy-Pacific Holdings sold the 23-level 59 Goulburn Street tower to Fortius after initial sale discussions with a three-party consortium failed to push through, according to the May 31 report.

The paper noted that the property was included in an approximately A$250 million deal with the consortium comprising Chinese-supported I-Prosperity Group, Australian developer Toga, and Singapore's Far East Organization.

59 Goulburn Street was stage-1 approved to be redeveloped into a 38-story mixed-use development with 24,489 square meters of space to accommodate 407 hotel suites, 90 apartment units and associated retail and office spaces.

As of May 30, US$1 was equivalent to A$1.34.