John Holland has sold its first commercial development to Japan’s Daibiru Corporation.
The 18-storey office tower at 275 George Street in the Sydney CBD is thought to have been sold at $240 million, setting a record 4.5 per cent cap rate, despite the record-tight office market making it a pricey time to buy assets in Sydney.
John Holland will remain as development manager and builder for the tower which is due to begin construction in the first quarter of 2019 and be completed in 2020.
Tokyo-listed office building landlord Daibiru chose Australia as its second overseas market. Its first overseas expansion was in 2012, buying an office building in Ho Chi Minh City, and has since acquired there.
Image and article source: https://www.afr.com/real-estate/john-holland-sells-275-george-street-to-japans-daibiru-at-record-45pc-cap-rate-20180813-h13vss
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