The Hong Kong Monetary Authority (HKMA), which manages the reserves of the Hong Kong government, has acquired a 25% stake in Brookfield’s Wynyard Place development in Sydney, for a reported A$450mn (€270m).
AMP Capital, an existing investor in the A$1.8bn project acquired the stake on behalf of the HKMA.
When approached, an HKMA spokesperson said: “We do not comment on details of our investment activities.” AMP Capital also declined to comment.
But a source told IPE Real Assets that the HKMA had a separate account with AMP Capital.
AMP Capital’s Wholesale Office Fund last year bought a 25% stake in the office tower, which offers retail space atop the Wynyard train station. Another AMP Capital client, UniSuper, an industry super fund, took a 24.9% stake.
Wynyard Place, which is due to be completed next year, is a 75,000sqm precinct featuring a 59,000sqm office tower located in three separate buildings.
HKMA, the de facto central bank of Hong Kong, runs the Special Administrative Region’s sovereign wealth fund, known as the Exchange Fund.
The Wynyard Place investment is the HKMA’s second foray into the Sydney central business district market this year. Earlier this year, it topped up its investment in International Tower One, lifting its investment to A$550m for a total interest of 35%.
Additionally, it invested with the Lendlease wholesale fund, Australian Prime Property Fund Commercial, to buy the group’s engineered timber building for about A$250m.