Charter Hall, Canadians frontrunners in Barangaroo stake

Grocon’s effort to secure investment for its $2 billion stake in Barangaroo Central development is yielding fruit as local fund manager Charter Hall vies for the opportunity to buy into the stake against Canada’s Oxford Properties.

“If we get a good transaction out of the office development we will have a very good year and given where yields are and how far cap rates have tightened that is a likely outcome,” Grocon’s Daniel Grollo said in February.

It’s a case of “one door opens as another closes” for Charter Hall, which emerged as the preferred buyer for Blackstone’s half stake in 275 Kent Street, then knocked out of the bidding at the final hour after Mirvac exercised its preemptive right for it. Now Charter Hall is taking part in the contest for the opportunity to buy into Grocon’s stake against the Canadian real estate platform.

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