Charter Hall Group is planning to take full control of the Allianz Centre buy acquiring the 50% it doesn’t already own.
German insurer Allianz is planning to put the half stake in a Sydney building it currently occupies to market - with an expected asking price of around AUD300m (€190.4m).
Industry sources say Charter Hall Group could well be the buyer, to gain full control of the asset, located in Market Street.
Its unlisted partnership, the AUD2.7bn Charter Hall Office Trust, co-owns the building.
Allianz has appointed international agency JLL to advise and handle the off-market transaction.
The A-grade tower fully occupied by companies, including the oil company, Caltex, and Commonwealth Bank of Australia.
However, Allianz is due to leave when its lease expires in September 2020. Although the impending sale has been reported, Allianz has not formally announced the sale or its exit from the building.
Similarly, Charter Hall is not commenting on the reports.
According to market chatter, Charter Hall may bring in a new partner or partners to co-own the half stake with its unlisted fund.
Just before Christmas, another of Charter Hall’s fund, the wholesale Charter Hall Prime Office Fund, acquired a commercial office building in Sydney for about AUD340m from Chinese investor Bright Ruby.