AMP Capital Increases Stake in Wynyard Place31 August 2019
Brookfield have sold off another 25% stake in its Wynyard Place Development at 285 George Street to its current partner, AMP Capital.
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.
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.
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.
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.
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.