M&G buys Sydney office tower

SydneyBritish fund manager M&G Real Estate Asia has bolstered its Australian property portfolio after buying a stake in a Sydney office tower. The firm spent US$424 million to purchase a stake a 50% share in 200 George Street in Circular Quay. The stake was purchased from AMP Capital. M&G will co-own the building with Mirvac, the Australian firm that developed the property and bought in AMP Capital’s Wholesale Office Fund as a co-investor five years ago. According to Brett Draffen, chief investment officer at Mirvac, the transaction “demonstrates the confidence in Sydney’s central business district” and the demand for “high-quality, modern, well-located assets”. The purchase follows a A$300 million investment made by M&G in December 2020 to increase its stake in a Sydney office tower located at 400 George Street. M&G Real Estate also bought a 20% stake in ESR Australia Development partnership at the end of June. © 2021 funds global asia

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