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Allianz’s exit leaves Charter Hall poised for takeover of $600 million tower

Property Markets / Transactions

Australia / Sydney

Mar 16 2018

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Charter Hall Group will take full control of a Market Street tower, valued at almost $600 million, purchasing the half it doesn’t yet own from insurance group Allianz.

Allianz’s decision to leave the complex at 2 Market Street, Sydney, prompted the deal, an off-market property transaction aided by real estate agency JLL. 

It is expected that Charter Hall will introduce a new capital partner to the property, which is half-owned by the unlisted Charter Hall Office Trust.

Once Allianz relocates in just over two years, Charter Hall will be seeking tenants for he A-grade building, comprising 39,757 square metres of space across the two interconnected buildings with a central atrium.

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