23 Nov 2016

EG Sells 92 Pitt Street, Sydney for $52 Million

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23 November 2016 (Sydney, Australia) – Real estate fund manager, EG Funds Management (EG) has executed the sale of 92 Pitt St, Sydney with settlement occurring earlier today.

The property was acquired by EG in 2015 for $30.6 million in the midst of the billion dollar revitalisation of Martin Place. The commercial asset has a net leasing area of 4,642sqm and, at sale, boasts 94 per cent occupancy.

“The strong result from this sale provides confirmation of a robust and improving Sydney office market and further endorses the original strategy behind the inception of the fund,” says Divisional Director Daniel Farley.

The asset formed part of Core Plus No. 1, CPF1, a closed ended fund that is focused on providing superior risk adjusted returns for our investors through active management, capital works and refurbishment.

The fund recently divested of 223 Liverpool St, Darlinghurst for almost 40 per cent equity IRR.

The sale of 92 Pitt St was executed by James Barber, James Girvan, Colliers and John Bowie Wilson, Jonathan Vaughan of Knight Frank to a private domestic investor.

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"The strong result from this sale provides confirmation of a robust and improving Sydney office market and further endorses the original strategy behind the inception of the fund"

Daniel Farley

Divisional Director

Capital Transactions

Sydney Morning Herald

City Freeholds pays $52.17m for 92 Pitt St