- Abacus Property Group will acquire an office building in Sydney for over A$311 million
- The building is on 99 Walker Street, North Sydney and is located on the corner of Walker Street and Mount Street
- This transaction aligns with Abacus’s strategic priority to purchase assets in specific locations where it sees service and infrastructure improvements
- Abacus is up slightly on the market today and is trading at $3.75 apiece
Abacus Property Group to acquire an office building in Sydney for $311.3 million.
The building is on 99 Walker Street, North Sydney and is located on the corner of Walker Street and Mount Street. It will be used for office use as it offers 21 levels of office accommodation.
It’s just a short walk between North Sydney Station and Victoria Cross Station , with the development slated for completion in 2024. The asset is expected to benefit from iminent improvements to the North Sydney area.
Managing Director, Steven Sewell says this transaction aligns with Abacus’s strategic priority of purchasing assets in specific locations where it sees service and infrastructure improvements, resulting in strong tenant demand.
“The acquisition demonstrates our solid progress as Abacus transitions to a strong asset-backed, annuity-style business model,” Steven said.
“Importantly the acquisition of this asset, on balance sheet by the group, delivers on the strategic priorities outlined in the July placement and full-year results presentation – that being an investment in several high-quality income-producing Commercial Office and Self Storage properties,” he added.
Recently, Abacus and Charter hall lost the buyout of Australian Unity Office Fund (AOF).
Abacus is up slightly on the market today and is trading at $3.75 apiece at 1:47 pm AEDT.