Perth-based Pindan Capital has acquired an office in North Sydney for an undisclosed sum through a joint venture with global investment firm Starwood Capital Group and Sydney company Arrow Property Investments.
Perth-based Pindan Capital has acquired an office in North Sydney for an undisclosed sum through a joint venture with global investment firm Starwood Capital Group and Sydney company Arrow Property Investments.
Pindan Capital is the funds management arm of Western Australian integrated property and construction group Pindan.
The 18,000 square metre seven-storey office building on Christie Street in the suburb of St Leonards is located within close proximity of the future Crows Nest railway station and will be managed by the joint venture.
Pindan Capital director Scott Staniforth said the group had been focusing on the St Leonards precinct and was delighted to secure an income producing asset on a large land holding.
Terms of the transactions and yield for the property were not disclosed, however it has been reported the deal was worth a near-$160 million.
Nationally Pindan currently has 23 projects under management; 14 built-form projects, four residential land subdivisions, two residential land rezonings and three commercial investment assets.
The recent acquisition will add to its core office assets portfolio which comprises one complex on Albany Street in Crows Nest, Sydney and the 3,500sqm Australian Federal Police State Office at Perth Airport.
Current projects in WA include two apartments and mixed-use complexes in Subiaco and one in Crawley, a land rezoning in Bayswater and a land subdivision in Two Rocks.
Starwood Capital Group vice president James Fogarty said the firm had targeted the Greater Sydney office market due to the limited supply, growing demand and major infrastructure improvements currently underway.
“The building appeals to wide range of tenants, which is evidenced by the strong existing rent roll,” he said.
“The floor plate allows us to provide space for varying tenant needs while also being competitively priced for Sydney.”
The private investment firm, which has a core focus on global real estate, energy infrastructure and oil and gas, with more than $54 billion in assets under management globally.
Last month it entered another joint venture to manage the hotel component of developer Golden Age Group’s new $600 million hotel and apartment complex on Melbourne’s Spring Street.
