Brookfield has sold it interests in 50 and 60 Carrington Street under separate deals with EG Funds Management and Marprop.
EG Funds Management had earlier confirmed agreements to acquire AMP Capital’s 50% interest in both 50 and 60 Carrington for their ACE Fund as part of a $450m spending spree in mid June. Cushman & Wakefield have now confirmed that EG have also acquired the remaining 50.1% of 50 Carrington Street for $107m. EG Funds Management were not prepared to comment on the transaction.
50 Carrington Street comprises a 379 sqm ground floor cafe space and 10,852 sqm of office accommodation over a mezzanine level and 13 upper floors. The property has rear lane access with car parking for 18 vehicles is provided at lower ground and basement level.
Brookfield are also reported to have sold their 50% interest in 60 Carrington Street to Marprop in January 2021 paying approximately $140.1m. Land records continue to show that the Brookfield 60 Carrington Landowning Trust continues to hold the title to the property. 60 Carrington Street contains 14,610 sqm of office space across 16 levels.
Brookfield have enjoyed the success of their acquisition in 50 & 60 Carrington Street, more than doubling their money. They acquired 100% of 60 Carrington in 2015 for $116.64m and sold a half interest to AMP Capital (on behalf of SwissRE) for $140.9m in 2018 and have now sold their final interest for another $140m, generating a 2.4x gain. They did just as well on 50 Carrington Street, acquiring 100% of that building for $88m in 2014 and selling down a half stake to AMP Capital (on behalf of SwissRE) for $109m and the subsequent half to EG for $107m.
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