This article is from the Australian Property Journal archive
The Bennelong Real Estate Equity Fund has paid $32 million for a portfolio of investment properties from Multiplex.
The portfolio includes three offices, two of which are occupied and two vacant land, currently being used as a car park.
The properties are located at 355-377 Spencer Street. Multiplex had purchase the portfolio of seven properties in May last year for $40 million.
Due to a staged settlement agreement, Multiplex has kept one office building and a car park for 640 vehicles.
Multiplex had earlier expressed interest in developing the properties, which sit on a 45,000 sqm site.
Bennelong was formed in 2000 as a diversified investment vehicle with real estate investments in worth $200 million in the eastern seaboard.
The company has five properties in Melbourne, including four in the Camberwell/Hawthorn area.
Meanwhile, in Sydney the company has one property at 460 Church Street, Parramatta.
In Canberra, the company has one property at 73 Northbourne Avenue and in Brisbane, the group has three properties and are currently building new one for Brisbane.
By Adam Parsons
