This article is from the Australian Property Journal archive
STOCKLAND has sold its remaining 50% interest in a boutique office building at 7 Macquarie Place Sydney to its joint venture partner UniSuper for $55 million.
The price is at a premium of $2.7 million or 5.2% to 31 December 2011 book value.
CEO Commercial Property John Schroder said the sale is part of Stockland’s continuing focus on increasing returns through active capital management.
“This brings our total asset sales so far in FY12 to $972 million, which is being used to fund our extended security buyback, growth in our core businesses and to maintain low debt,” he added.
7 Macquarie Place is an A grade boutique commercial building with retail, located 200 metres from Circular Quay. The building has 12 office levels comprising 13,624 sqm of office space and 1,373 sqm of retail space. The property has a 3.5 tars NABERS energy rating and 3.0 stars NABERS water rating.
Property Review
