Kumpulan Wang Persaraan (KWAP), the Malaysian pension fund, has agreed terms to sell 20 Bridge Street, Sydney for around A$350 million ($260 million; €240 million).
The office tower, known as Exchange Centre, is an A grade office complex providing 219,000 square feet of net lettable area over 13 office levels.
Managed by Sydney-based property investment and asset management firm Investa, the building is 45 percent occupied by the Australian Stock Exchange, having recently extended their lease in the property to June 2028. The property boasts a Weighted Average Lease Expiry (WALE) over 7 years, with occupancy of 96 percent.
“Following receipt of an executed contract on price and terms acceptable to the owner, Investa (on behalf of its client) confirms contracts have been exchanged with a buyer for the sale of the Exchange Centre, 20 Bridge Street, Sydney. The building was being marketed for sale by Savills through a global expressions of interest campaign with bids due on 27 April 2017,” an Investa spokesperson confirmed to PERE.
KWAP did not respond to a request for comment by press time.
Malaysia’s second largest pension fund originally purchased the property in 2011 for about A$185 million.
As of end-March 2016, KWAP, which counts more than 170,000 Malaysian civil servants as its contributing members, was reported to have 122 billion ringgit ($28 billion; €25 billion) in assets under managament.