Cromwell secures $405 million government portfolio
Nicola TrotmanDecember 7, 2020
Cromwell Property Group has acquired a $405 million portfolio of New South Wales government offices.
New South Wales finance minister Greg Pearce says the seven office buildings sold for $100 million above expectations.
The portfolio includes two Sydney office towers – Bligh House and McKell Building – and office properties located in Wollongong, Newcastle and Queanbeyan.
The offices are 60% leased to long-term government tenants.
Only four bidders made the shortlist, including Charter Hall Group and Arena Investment.
The sale is the first stage of a multi-billion-dollar auction of New South Wales real estate assets.
Nicola Trotman
With a penchant for the written word, Nicola has built a career doing just this – now Creative Director at thriving Melbourne-based PR agency, Greenpoint Media.