Through a JLL Sydney led expressions of interest campaign that began at the beginning of 2017, Brookfield Property Partners has sold a half stake in their huge Wynyard Place development. Brookfield has its roots in an 1899 company started by Canadian financiers, William Mackenzie and Frederick Stark Pearson, which listed on the Toronto exchange in 1912. Today it is a private equity powerhouse, investing in assets worth over $250 billion across real estate, infrastructure, renewable power and private equity markets.
The half share in the $1.9 billion development has been sold to AMP’s Wholesale Office Fund, with a 25% share and Unisuper, the superannuation fund that services Australia's higher education and research sector, with a 24.9% share. The price is undisclosed but has been reported as being worth close to $450 million for each quarter share.
The Wynyard Place development includes the construction of a 27-storey, 59,000 sqm office building on the land between Carrington Street and George Street, to be known as 10 Carrington, plus the refurbishment of 285-287 George Street and the former Shell House at 2-12 Carrington Street. This will provide an additional 9,400 sqm office space. Additionally, a total of 7,000 sqm of retail space across four levels will be created in a new arcade linking Carrington and George Street.
The properties last traded at $135 million in 1988. Brookfield acquired the assets through a $481 million takeover of the Thakral Holdings Group in 2012.