Partners Group has sold one of its largest commercial office investments in Australia to UBS Asset Management and Private Markets for more than A$400m (€269m).
UBS AM acquired the 73 Miller Street office building in North Sydney on behalf of a client, a private Swiss family office.
ESR Australia, part of the pan Asian logistics ESR group, manages the building, in which it has a 15% co-investment, after inheriting it from Propertylink, an Australian company, which it took private in 2018.
Partners Group and the then Propertylink bought the building, under the Propertylink Australian Commercial Trust, for A$150m, and undertook a refurbishment programme, costing more than A$60m.
ESR Australia chief executive Phil Pearce told IPE Real Assets that a key focus of the remaking of the building was to deliver high standards of sustainability – top ratings on both energy saving and green features.
“This is what that attracted the Swiss investor to the building,” he said.
ESR has inherited a number of private trusts from the Propertylink merger and it is proceeding to wind up some of the outstanding trusts as they come to the end of their terms.
Currently, it is also looking to sell a portfolio of five buildings across three suburbs to Sydney’s North. These assets including business parks are mostly jointly owned with UK investor Grosvenor.
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