Mitsubishi Estate Asia has sold part of its interest in Sydney’s Salesforce Tower, Australia’s tallest office building valued at over A$2bn (€1.1bn), to the real estate arm of Odakyu Electric Railway.
A spokesperson for Odakyu told IPE Real Assets: “Mitsubishi Estate Asia held a 30% interest in the building, but a portion of that was transferred to MEC Global Partners Asia, who then established a fund in which Odakyu participated. As a result, Odakyu holds only a minority stake in the building.”
Mitsubishi began a marketing campaign a year ago to sell its stake, valued at around A$600m.
The spokesperson declined to comment on the price or ownership share at this stage.
The 263-metre 180 George Street in Circular Quay is the tallest office building in Sydney.
The office tower, developed by Lendlease, is partly owned by a Lendlease wholesale fund and China’s Ping An Insurance. The majority owner is Ping An with 50% interest.
Alongside another Japanese investor, Hankyu Hanshin Toyo, Odakyu has also invested with Mitsubishi and its Australian partner AsheMorgan in another Sydney building, 60 Margaret Street which was acquired from Mirvac and Blackstone for A$779m in 2023.
The spokesperson said: “Odakyu’s first project is a residential subdivision in Box Hill, located in north-western Sydney, undertaken in collaboration with Daiwa House. We have a track record of investing in multi-family residences in the United States.”
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