Mitsubishi Estate Asia (MEA) is seeking a buyer for its 30% stake in an office building it co-owns with Ping An Real Estate and Lendlease-managed APPF Commercial.
麻豆映画 Real Assets understands that the full value of Salesforce Tower, Sydney鈥檚 tallest skyscraper, is around A$2bn (鈧�1.2bn).
MEA has appointed CBRE to manage the international sale process for its stake in the 180 George Street skyscraper, which is co-owns with Ping An Real Estate holding 50% and APPF Commercial holding 20%.
Yuzo Nishiyama, the head of MEA in Australia, said selling the stake in Salesforce Tower will be the firm鈥檚 first divestment in Australia.
Nishiyama added: 鈥淭his divestment bolsters MEA鈥檚 strategic expansion in Australia, where we continue to participate in more development projects across our real estate sectors of focus, including living, office and industrial.鈥�
Stuart McCann, CBRE鈥檚 head of international capital and capital advisors, Pacific and Southeast Asia, said: 鈥淚nternational interest in the Australian office market, particularly the Sydney CBD, has noticeably improved in the last quarter.
鈥淭his is being driven by a combination of genuine value emerging, with pricing reverting 20-30% from the peak, together with continued strong leasing performance. Australia鈥檚 office sector now looks to represent the best value in the Asia Pacific region.鈥�
Flint Davidson, CBRE鈥檚 head of capital markets Pacific, said: 鈥�180 George Street is Sydney鈥檚 newest premium-grade tower and has been built with the future of office in mind.
鈥淲ith the expectation that the newest and best assets will continue to outperform, together with a constrained future supply pipeline, we expect capital will see this as a compelling opportunity to get set in the CBD core.鈥�
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