Early Light International has acquired Redefine Properties’ 50% stake in a Sydney office tower jointly owned with Cromwell Property Group, for AUD300m (€190m).
Redefine and Cromwell bought the Northpoint Tower in 2013 for AUD287.7m.
Cromwell has since spent AUD130m refurbishing the tower and added a boutique hotel to the complex.
Paul Weightman, Cromwell CEO, told IPE Real Assets, that Redefine has exited the Northpoint investment with the sale of its 50% stake in the fund that owns the office tower.
“Redefine continues to hold a 3% stake in Cromwell,” he said, adding, however, the South Africa group, which was once a majority shareholder, is no longer a material shareholder on the Cromwell register.
Redefine sold a 19.5% holding to Singapore’s fund manager, ARA Asset Management, earlier this year for AUD405m.
Billionaire Francis Choi founded Early Light in 1972. The Hong Kong group last year bought Exchange Centre in Sydney from Malaysian pension fund KWAP for AUD340m.
