Charter Hall becomes a part of Sydney’s landmark Chifley Tower and Plaza. The recently closed $1.8 billion deal involves two of Charter Hall wholesale funds combined on a joint-venture to own Sydney’s landmark, in co-ownership with Singaporean sovereign wealth fund GIC.
Charter Hall would acquire a half stake, for around $900 million, in the famous CBD site to take on the asset and property management of the entire tower. The leading property management’s fund lifted to more than $33 billion.
Chifley Tower, currently occupied by prominent agencies and offices, offers sports panoramic views of Sydney Harbour and the Royal Botanic Garden. It is as well the best known tower from the 1980s development boom. The property comprises 68,867 square meter of lettable area. These include 42 levels of office, more than 5,000 square meter of retail across lower and upper ground, and first floor.
“This off-market transaction reflects the deep relationships we have across our platform, extends the office platform funds under management to over $15 billion, while also extending a well-established 15-year relationship with GIC,” said Charter Hall’s chief executive David Harrison.
Image and article source: https://theurbandeveloper.com/articles/charter-hall-acquires-2-chifley-square-tower-sydney
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