Propertylink divests 320 Pitt Street for $275 million
Staff ReporterDecember 7, 2020
Propertylink has entered into a contract with ARA Australia and Straits Real Estate to sell 320 Pitt Street Sydney for $275 million.
Sale completion is slated to occur July 2017.
The sale price represents a 12.2 percent premium to current book value.
Propertylink purchased the property in partnership with Grosvenor Group and Goldman Sachs in June 2015 for $200 million on an acquisition yield of 8.27 percent.
Peter McDonald, Propertylink's head of property said the building is leased to Telstra until 2020.
"While there was no requirement to divest the asset at this stage, we have been very pleased to realise a superior outcome for our investment partners," he said.