Pacific Alliance Group (PAG) has bought a Sydney office tower from Dexus for A$393.1m (€245m).

The 44 Market Street building was sold at a 17.2% discount to the December 2022 independent valuation.

The 26-level A-grade building developed in 1978 and renovated four years ago is 85% occupied.

Separately, Dexus is also selling 1 Margaret Street, another office tower in its portfolio.

Hong Kong-based asset manager PAG is no stranger to the Sydney CBD market, having in 2018 sold a 50% stake in 60 Margaret Street and the Metcentre shopping mall to Blackstone for A$420m.

PAG acquired the assets from a small industry superannuation fund, then known as MTAA, for A$300m in 2015.

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