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Arcadia spends $176 million on Sydney CBD half-stake.

Property Markets / Transactions

Australia / Sydney

Mar 27 2018

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Credit Suisse has sold its half stake in 52 Goulburn Street to boutique investment house Arcadia for $176 million, while Brookfield retains the remaining half. 

The deal was transacted at a passing yield of 4.76 per cent, but could move to around 5.2 per cent, based on rent rises.

Arcadia’s purchase will be held in its Australian Wholesale Property Fund, a vehicle backed by a club of investors, which now has an approximately $900 million half stake across the entire multi-asset World Square complex, including half stakes in 680 George Street and 560 Goulburn Street, as well as an investment in the World Square shopping centre and car park.

The deal was brokered by JLL's Rob Sewell, Paul Noonan, Stuart McCann and Luke Prokuda and Knight Frank's Ben Schubert, Paul Roberts, and Neil Brookes.

Photo: Ethan Rohloff, The Australian Financial Review

 

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