Abacus acquires North Sydney tower for $311 million

Abacus acquires North Sydney tower for $311 million

Abacus Property Group (ASX: ABP) is making a $311 million bet on the revival of North Sydney with its latest acquisition.

The group has acquired 99 Walker Street, North Sydney for $311.3 million, reflecting around $16,100 per square metre of net lettable area (NLA).

The property is located on the corner of Walker Street and Mount Street in North Sydney, offering 21 levels of office accommodation over around 19,295sqm of NLA as well as 229 car spaces.

The building is situated at the midpoint between North Sydney Station and Victoria Cross Station, the latter of which is expected to be completed in 2024.

Abacus Property Group managing director Steven Sewell says the group intends to capitalise on the revival of North Sydney.

"This transaction aligns with our strategic priority of acquiring assets in specific locations where we see amenity and infrastructure improvements that we believe will translate to strong tenant demand," says Sewell.

"The acquisition demonstrates our solid progress as Abacus transitions to a strong asset backed, annuity style business model."

Shares in Abacus are up 0.53 per cent to $3.76 per share at 11.54am AEDT.

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