Prudential Real Estate Investors (PREI) and Investa Property Group have declared that PREI has bought 50% stake in an A-Grade office construction identified as Coca Cola Place in 40, Mount Street, North Sydney, from Investa Property Group.
PREI an advisory business and real estate investment arm of Prudential Financial is functioning in Australia through Pramerica Real Estate Investors (Asia), its Asian business unit.
PREI, which is in the process of acquiring the possession from Investa is doing so in the interest of its institutional investors in its Asia Real Estate Fund. Investa sold the other 50% of the stake to Investa Commercial Property Fund during October last year and will continue as manager for the property. This business represents the second deal of PREI with Investa after its purchasing of majority stake in Melbourne, Australia-located 595 Collins Street property. During the time of the deal, finalization by PREI and Investa a major segment of the remaining space was rented to Tenix, an infrastructure safeguarding and engineering services- providing company which has taken possession of 100% office space of the building.
Investa has finished the construction of 40 Mount Street in the year 2010. The building providing panoramic view of the city and the harbor has earned the name as the first ever high rise construction in New South Wales to earn 6 Green Star office design rating and graded as “A” building. In the same year the construction received the Urban Taskforce award for Development of the Year. It received NSW Development of the Year award in May 2011 in addition to receiving ‘Best New Sustainable Development of the Year’ award from Property Council of Australia.
Source: http://www.prei.com