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UPDATE 1-Charter Hall partnership snaps up Sydney high-rise for $429 mln

Published 09/08/2019, 12:03 pm
Updated 09/08/2019, 12:10 pm
© Reuters. UPDATE 1-Charter Hall partnership snaps up Sydney high-rise for $429 mln

(Adds comments from Dexus, Abacus, and details on the property)

Aug 9 (Reuters) - A two-party consortium led by Charter Hall Group CHC.AX will buy a Sydney office building, co-owned by Dexus DXS.AX and Perron Group, for A$630 million ($429 million), the companies said on Friday.

Dexus said the sale of its 50% in 201 Elizabeth would add A$34 million to its pre-tax trading profit in both the 2020 and 2021 financial years.

Under the deal, Charter Hall will buy 68% of the building, while Abacus Property Group ABP.AX will take up the remaining 32% of the property in Sydney's business district.

Charter Hall said in a statement the property is 99.9% occupied.

The deal will be completed in two tranches, but Abacus and Charter will take full control after the first one.

($1 = 1.4684 Australian dollars)

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