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Redefine Properties considering half-stake deal with Asian investor

People & Companies / Latest News

Australia / Sydney

Mar 09 2018

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Cromwell Property Group’s South African backer, Redefine Properties is negotiating the potential sale of a half-stake in the $600 million Northpoint Tower in North Sydney to a private Asian investment house.

Cromwell and Redefine purchased Northpoint for $278.7m in late 2013, redeveloping the North Sydney landmark with a upgraded retail precinct, specialty stores, a hotel and rooftop bar, at a cost of around $130 million.

The property, which has 34 levels of office space, was bought from Terry Agnew’s Tower Holdings on a yield of 8.7 per cent. Cromwell told analysts last month that it was not planning to sell its share of Northpoint, but declined to comment on Redefine.

 

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