AMP Capital has extended its relationship with Brookfield Property Partners with the acquisition of a 50% stake in two office buildings in a Sydney development for about AUD250m (€156.5m).
The buildings adjoin the AUD2bn Wynyard Place development, one of Brookfield’s current projects in Australia, due for completion in 2020.
Sources told IPE Real Assets that AMP Capital bought the assets on behalf of a global investor.
Brookfield bought the buildings in 2014 and 2015 and they now form what is known as Wynyard Precinct, an area that is being transformed as the NSW government upgrades the city’s transport system.
With the latest deal, Brookfield has extended its strategic relationship with AMP Capital.
AMP Capital 12 months ago acquired a 25% stake in Wynyard Place for its AMP Wholesale Office Fund, and industry super fund, Unisuper, took up 24.9% in the project. The purchase price was not disclosed but was reported at the time to be around AUD450m for each stake.