Arcadia has taken a half stake in 52 Goulburn Street for $176 million, putting together the final piece of the puzzle in its holding at World Square in the Sydney CBD. Credit Suisse, who was on the sell side, still holds the remaining half-stake.
Arcadia’s Australian Wholesale Property Fund will hold the stake in 52 Goulburn Street. The said fund now has a half-stake across the entire multi-asset World Square complex, worth around $900 million.
Arcadia’s joint managing director, Hamish Flett said, “as a result of the acquisition of 52 Goulburn Street the Fund’s combined investment across World Square will increase to over 105,000 square metres.” The 12-level office building comprises of 23,100 square metres of office accommodation and 210 car parking spaces.
Image source: Ethan Rohloff
Article source: http://www.afr.com/real-estate/arcadia-encircles-world-square-in-176m-deal-20180326-h0xz1q
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