Charter Hall and Abacus buy $630 million Sydney office tower

Charter Hall and Abacus buy $630 million Sydney office tower

Fund manager Charter Hall (ASX: CHC) has partnered with property group Abacus (ASX: ABP) to acquire a major Sydney CBD office tower.

The expected purchase price for 201 Elizabeth Street is $630 million.

Charter Hall will acquire 68 per cent of the building, with Abacus acquiring the remaining 32 per cent of tenants in common.

The pair acquired the building from Dexus (ASX: DXS) and Perron Group.

201 Elizabeth Street comprises a prominent A-Grade commercial building with 34 levels of office accommodation over 36,983 sqm of lettable area, above a lower ground food court, and includes 12 retail tenancy areas and two levels of basement parking for 169 cars.

The new Pitt Street metro station, anticipated to open in 2024, will be located diagonally opposite the property further improving public transport access.

The acquisition comes just two days after Charter Hall acquired the iconic Chifley Tower, also in the Sydney CBD.

Shares in Charter Hall are down 0.21 per cent to $11.66 per share and in Abacus are down 0.85 per cent to $4.10 per share at 11.43am AEST.

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