This article is from the Australian Property Journal archive
FURNITURE retailer Steinhoff has sold as 35,000 sqm Eastern Creek distribution centre to global reinsurance firm Swiss Re for $99.6 million, as it looks to source capital following its parent company becoming embroiled in a fraud scandal.
Swiss Re subsidiary Swiss Pillar Investments acquired 1 Eucalyptus Place in the western Sydney industrial hub in March, according to Nine Media.
Steinhoff Asia Pacific changed its name to Greenlit Brands early last year after Steinhoff International was found to have committed US$7.4 billion worth of accounting fraud.
Greenlit Brands owns major furniture and homewares retailers Freedom, Fantastic Furniture, Snooze and Plush, as well as Harris Scarfe and Best & Less.
The Eastern Creek property was put to the market alongside a distribution centre in Kings Park.
Australian Property Journal
