Seek offices continue strong run of St Kilda Rd sales
Sydney-based Marprop has expanded ties with German-based funds manager GLL Real Estate Partners, with the pair sealing a deal to buy an office block on Melbourne’s St Kilda Rd from fund manager Bayley Stuart for close to $65 million.
The building, at 541 St Kilda Rd, which counts recruitment giant Seek as its major tenant, quietly traded as the strong run of office sales on the leafy boulevard continued. The boulevard has been buzzing with activity.
Offshore buyers, including Chinese mainland investor Da Xie, Singapore’s Mapletree, Wing Tai Holdings and Tong Eng, have picked up office buildings as the boom in city pricing extends to the fringe.
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Marprop chief executive James Marshall earlier this year confirmed the firm had started a joint venture with GLL but declined to comment yesterday. The German-based fund manager was acquired by Macquarie Group in February.
Earlier this year Marprop teamed up with GLL when that group entered the Australian property market with the purchase of a North Sydney tower for about $78m.
The private Bayley Stuart and its investors will exit with a windfall as it picked up the property for about $47.75 million in 2016.
Agents Kiran Pillai and Luke Etherington of CBRE and JLL’s Paul Kempton and Leigh Melbourne have declined to comment.
This article originally appeared on www.theaustralian.com.au/property.
