A move that hints a shift in strategy for the local subsidiary of Shanghai-based Poly Developments
Property developer and investor Poly Australia acquired an office tower in Sydney from Singapore-based SC Capital Partners for AUD270 million (USD182 million), reported Deal Street Asia.
Located at 59 Goulburn Street, the 26-storey tower comes with 19,470 square metres of net lettable space, with a median floor plate of 845 sqm.
Through the Real Estate Capital Asia Partners (RECAP) IV Fund, SC Capital jointly procured the asset with Fortius Fund Management in 2017 for AUD158 million. Under their ownership, the tower went through numerous upgrades, which was constructed in 1973.
The property has been previously approved to be converted into a 38-storey mixed-use development, with 407 hotel suites, 90 residential units, office, and retail spaces. Poly Australia, however, revealed that do not want to push through with the development at the current time.
Instead, they are thinking of restoring the entirety of the property, including its end-of-trip facilities, retail precinct, and tenancy. Moreover, they will be developing flexible workspaces for the public.
Ashwin Arumugam, the senior analyst at Poly Australia, said the procurement signals a change in strategy for their business, which announced their plan to venture into real estate finance and asset management in 2019.
“We are proactively looking for the next opportunity as part of our accelerated growth plans across Australia, with the exploration of prospective acquisitions in leading locations across Brisbane, Sydney, Melbourne, and Adelaide as we continue to expand our asset management portfolio,” he added.
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