News China's Poly Group close to buying two office buildings in Sydney's Circular Quay for $160 million
China's Poly Group close to buying two office buildings in Sydney's Circular Quay for $160 million
Staff ReporterDecember 7, 2020
Chinese state-owned Poly Group is close to buying two George Street office buildings in Sydney's Circular Quay for about $160 million, nearly 60 per cent more than what they traded for last year.
The buildings at 210 and 220 George Street were purchased last year by real estate investment group Anton Capital on behalf of Goldman Sachs for a shade under $100 million from Mirvac Group, said a report in the Australian Financial Review.
The properties were the final assets to sell in a nearly $250 million non-core office portfolio that Mirvac put up for sale at the beginning of the year.
Both Poly Group and Anton declined to comment to AFR on the development.
The deal, if it goes through, would reflect the keen pricing that Sydney's office properties have been bought for in the last six months including Invesco's purchase of 77 King Street, Investa Commercial Property Fund's $442 million purchase of 420 George Street and Charter Hall's $525 million purchase of Macquarie Group's Shelley Street headquarters.
The deal with Poly is believed to be brokered by JLL, which did not respond to inquiries either, the report said.
Poly Group has been named as a keen bidder on several properties including the race for the $100 million Telstra site.