Pramerica Eyes $129M Sydney Building Stake

Pramerica Real Estate Investors is seeking to buy a 50% stake in the Ark Building for $129 million.

Pramerica Real Estate Investors is seeking to buy a 50% stake in the Ark Building for $129 million, Bloomberg reports. The Prudential Financial REIT will purchase the Sydney property from Morgan Stanley-owned Investa Property Group.

The tenants of the building include Coca-Cola Amatil, Vodafone Hutchison Australia and Australian Worldwide Exploration. Investa will continue to retain the remaining half of the stake.