Brookfield have sold off another 25% stake in its Wynyard Place Development at 285 George Street to its current partner, AMP Capital.
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AMP Capital had earlier acquired a 50% stake in the project on behalf of its Wholesale Office Fund and its private client, UniSuper for just under $900m.
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The latest 25% acquisition is reported to be on behalf of the Hong Kong Monetary Authority, investing $450m into the deal, effectively the same rate as the earlier deal. The deals are structured as fund through and take out arrangements.
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The project is being delivered by Multiplex and consists of 75,000 sqm of GFA. The centrepiece is a 27-level PCA Premium Grade commercial tower at 10 Carrington with a total net lettable area of 59 000 sqm.
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The development will also include the restoration of Shell House and 285 George Street, creating a 9,400 sqm boutique office space and 7,000 sqm of high end retail, a revitalised Wynyard Lane and a major upgrade to Wynyard Station’s George Street entrance.
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Allianz and NAB have committed to take space in the building. The bank has committed to a 12-year lease for 31,000sqm from levels one to nine at 10 Carrington Street. Allianz is vacating another Sydney city property — the complex at 2 Market Street — where it has a 18,000sqm lease until September 2020. It will likely split its operations between Wynyard, North Sydney and a site in Parramatta.