>

Mitsubishi Estate Asia divesting 30% stake in 180 George Street

By Nicholas Lam

/ EdgeProp Singapore |

August 8, 2024 6:32 PM SGT

Salesforce Tower in Sydney's CBD. (Photo: CBRE)

Mitsubishi Estate Asia (MEA) wants to sell its 30% stake in Sydney’s Salesforce Tower, a recently completed premium office building at 180 George Street. This will mark MEA’s first divestment in Australia.

According to an Aug 7 press release, the divestment is part of MEA’s global capital recycling strategy, allowing the group to reinvest in further growth projects in Australia.

“This divestment bolsters MEA’s 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,” says Yuzo Nishiyama, head of Australia at MEA.

Salesforce Tower comprises 645,000 sq ft of Grade-A office space across 53 office floors atop a ground floor lobby and 21,500 sq ft of retail space. It also has two levels of basement parking. Standing at 263m tall, it is the tallest office building in Sydney.

The property has reported a 99% occupancy rate with tenants such as JLL, The Executive Centre, and Salesforce, the tower’s namesake.

In Sydney Place, within the Circular Quay precinct, Salesforce Tower also benefits from recent private investment, such as the Sydney Waldorf Astoria Hotel and One Circular Quay, a luxury residential project. Both developments are set to be completed in 2026.

Ping An Real Estate holds a 50% stake in Salesforce Tower, while Lendlease owns the remaining 20% share through APPF Commercial, a property trust managed by LendLease.

Tags:

Mitsubishi Estate Asia Sydney

Follow our channels to receive property news updates 24/7 round the clock.

Subscribe to our newsletter

Top Articles

1

The October 2024 BTO will introduce Plus flats and Open-Concept layouts

2

Bukit Sembawang’s 8@BT is 53% sold on launch weekend at an average price of $2,719 psf

3

Opportunity to buy rare, freehold retro bungalow on Gilstead Rd for $16.99 mil

4

Sean Chua: From HDB to landed within four years by age 35

5

CEO of Bioskin Mathilda Koh pays $14.155 mil for bungalow on Cove Drive

Our Site

Property Research

Condos

HDBs

Landed

Commercial

Industrial

Properties For Sale

Properties For Rent

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

Make data-driven property decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property, while the En Bloc Calculator helps to determine the probability of a Singapore project being put up for collective sale. Our whole new Research tool provides you data on past transactions, price trends, and more for condos, HDBs, landed houses, commercial properties and industrial properties.

Aside from that, EdgeProp also offers a market trends tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heatmap that shows you where Singapore’s most popular property sales locations are, a HDB lease tool to calculate your HDB tenure, an affordability calculator, and property alerts to track your preferred Singapore property by project or location, as well as information on new launches.

On the lookout for undervalued property or looking to rent? EdgeProp’s powerful search filters will let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools, or within a HDB Estate or District – so that you find exactly what you are looking for.

Mitsubishi Estate Asia divesting 30% stake in 180 George Street

Related Articles