TIAA Henderson Real Estate is buying a 50% interest in a Sydney office property for AUD300m (€209m).
The investor said it was buying the stake in 101 Miller Street, including Greenwood Plaza, a connecting retail complex.
TH Real Estate is acquiring the 50% share on behalf of TIAA-CREF.
The seller – Mirvac Group – will continue to hold its stake in the property.
Located in the North Sydney central business district, the 27-storey tower is let to state and federal government departments, as well as Genworth and AGL.
The 37,549sqm asset is 99% let.
Greenwood Plaza, a 8,777sqm centre, is fully let.
The deal is TH Real Estate’s second in the Australian market in the past month, following its 75% interest in regional shopping centre Mt Ommaney Centre in Brisbane.
Nick Evans, executive director and head of the TH Real Estate business in Australia, said the acquisition fit its strategy of owning “dominant, well-located, well-leased office and retail properties that cater to today’s occupier needs”.
“The exceptionally well-located complex offers a diverse income stream from retail and commercial tenants,” Evans added.
