Going against common trend, billionaire Brett Blundy and businessman Victor Comino, unites to make a play for a $700 million-plus retail and office property in Sydney’s Pitt Street Mall.
The pair teamed up for a half-stake in the 135 King Street office tower and Glasshouse shopping complex in the Sydney CBD. Buying the property will gain exposure from Sydney’s soaring office rents and a rare spot on the retail strip. Aiming for the influx of luxury spenders, including tourists from China capitalising on the low Australian dollar.
Blundy last year upped his stake in the Accent Group, which counts Platypus, one of the top sellers of sneakers and casual footwear, in its stable. However, their play may be thwarted as property group Investa mulls a move that could give it full control of the complex as it holds rights as the existing co-owner alongside Stockland.
Co-ownership stakes have been critical in Sydney property battles this year. Mirvac took control of 10-20 Bond Street with the aid of backer Morgan Stanley and Dexus. Investa Commercial Property Fund has rights to match the price of Mr. Camino but he would still hold the building even if a new group was bought in.
Image and article source: https://www.realcommercial.com.au/news/billionaire-teams-up-for-pitt-street-purchase
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