This article is from the Australian Property Journal archive
EG Funds Management has sold the 92 Pitt St office building in Sydney’s CBD, making another healthy return after holding the asset for a short term.
EG has settled on the $52.17 million sale for the 14-storey B-grade tower, which it bought earlier last year for $30.6 million.
Knight Frank and Colliers International handled the sale.
It marks a $21.57 million profit on the purchase price and comes only a month after EG sold the five-storey 223 Liverpool Street building in Darlinghurst for $33 million, which it acquired for $17.45 million in March 2014.
Both properties formed part of EG’s closed-ended fund Core Plus No. 1, which was seeded by the Liverpool St asset that was picked up by Swiss-backed ST Real Estate Australia.
The Pitt St building has a net leasing area of 4,642sqm and was sold with 94% occupancy to a private domestic investor.
Australian Property Journal
