Investa weighs up $900m of Sydney office sales
The powerful Investa Property Group appears set to bolster its investor base through seeking offshore capital partners with the company weighing up selling up to $900m worth of Sydney tower assets.
Billions of dollars worth of office property has hit the block as overseas investors are still chasing top-end properties which are expected to pull through even as vacancies rise and lower-grade leasing markets stumble.
Sellers are a mix of local players, including Dexus, Charter Hall, and Abacus, as well as Telstra, and offshore players like funds managers Nuveen and Inmark.
Investa, through its unlisted wholesale fund vehicle, is considering disposing of slices of Sydney CBD office buildings, including 135 King Street, 1 Market Street, and 400 George Street, although the details are yet to be determined.
The Australian understands that co-owners in the George Street building — British manager M&G and Mirvac, which manages for China Investment Corp — have been issued pre-emptive notices that Investa intends to sell. If either of these groups take up their rights to buy then the stake will trade to them.
If the pre-emptive rights are waived then the stake would come on the open market along with Market Street and King Street, likely via Simon Rooney and Flint Davidson of CBRE and Josh Cullen and Mark Hansen of Cushman & Wakefield, although the agents declined to comment.