ARA Asset Management said to mull purchase of Sydney CBD tower

SINGAPORE (May 4): ARA Asset Management, the Singapore manager of REITs, is said to be eyeing the purchase of 320 Pitt Street, a major tower located in Sydney’s central business district which is being sold by a fund managed by Propertylink Group.

According to an article published online today by The Australian, the tower could sell for about A$275 million ($284.8 million) as it is “primed for an overhaul” due to the strong leasing market – and its sale is believed to have entered due diligence.

320 Pitt Street has been on the market since March, and is held in Propertylink Office Partnership No 2 as part of a A$303 million portfolio which Propertylink picked up from businessman Sam Zell’s Equity Commonwealth in 2015.

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