Poly Global, a chinese-backed developer, is offering a 49 per cent stake in its $500 million in its Circular Quay office tower as it plans to make their asset management move.
The Grimshaw-designed tower, which will be built by Westpac, will still be develop and co-own by Poly. Poly said that the strong Sydney office market is the main reason of the expansion in its asset management business.
“Given the strength of the commercial market in Sydney, [t]he company felt this is the opportune time to extend its business and cement its position in asset management,” Poly said in a statement.
Poly declined to comment on the potential listings of any other assets in its portfolio.
Image and article source: https://theurbandeveloper.com/articles/poly-makes-asset-management-move-sells-circular-quay-tower-stake?
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