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M&G acquires 49.9% stake in Sydney CBD office building for A$577.3 mil

/ EdgeProp Singapore |

September 7, 2021 6:59 PM SGT

The acquisition was also supported by an A$259.8 million green loan from OCBC Bank in Sydney.

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SINGAPORE (EDGEPROP) - Global investment firm M&G Real Estate has acquired a 49.9% stake in EY Centre at 200 George Street in Circular Quay in Sydney, Australia. M&G Real Estate paid A$577.3 million ($576.09 million) for its stake in the prime central business district office tower.

Read more: Kuala Lumpur-Singapore HSR cancellation may dampen growth of properties in Johor

The acquisition was made on behalf of M&G’s core Asia Pacific property portfolio which is managed by Richard van den Berg. The acquisition was also supported by an A$259.8 million green loan from OCBC Bank in Sydney, which was also the sole lender and green advisor for the transaction.

The EY Centre office building was developed by Australian property group Mirvac which owns the rest of the property. The commercial development was completed in 2016 and features sustainable technologies covering energy efficiency and smart building management systems to monitor air quality, power and water usage.

The 37-storey building comprises 35 office floors and two retail levels, and the entire building is fully leased with long-term tenancies that generate a 4.3% rental yield, says M&G.

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