Pramerica Real EstateInvestors is acquiring a 50% stake in a north Sydney building from Australian real estate company Investa Property Group, Bloomberg reports. The buyer will pay a total of around $115 million for the acquisition. The remaining half of the property is owned by Investa Commercial Property Fund.
After the deal, expected to close on August 19, Investa will continue to manage the Ark building. The office part of the building is fully leased to tenants, including Coca-Cola Amatil, Vodafone Hutchinson Australia and Australian Worldwide Exploration.
Click here for the story from Bloomberg.