The Australian Prime Property Fund Commercial and Abu Dhabi Investment Authority have co-purchased a Sydney based property.
Heathley, a boutique Fund Manager that specialises in unlisted direct property funds in commercial, industrial and medical markets, has recently completed its second sale in as many months. Having settled on 56 Clarence Street, Sydney in early February at $64 million, Heathley has also sold another CBD asset for $69 million. In a sale arranged by Emerge Capital and Colliers International, 8 Spring Street, Sydney has been sold to Australian Prime Property Fund Commercial and Abu Dhabi Investment Authority.
Australian Prime Property Fund Commercial is a core wholesale unlisted property trust which was established in 1994 and managed by Lend Lease. Abu Dhabi Investment Authority was established in 1976 and is the largest sovereign wealth fund in the Middle East; it is wholly owned by the Government of the Emirate of Abu Dhabi.
8 Spring Street, completed in 1963, is a 13-storey building with two levels of basement parking. It comprises 5,132 sqm over 12 levels of office space and ground and lower ground retail space. Major tenants include Elevate NSW, Chambers Russell Lawyers, German-Australian Chamber of Industry and Golf In The City.
The building last traded at $37.5 million in 2011.