SYDNEY, April 3, 2018 – PGIM Real Estate has agreed to acquire a 75 percent interest in the prime retail and commercial component of the York & George mixed-use project, currently under development by Fife Capital at 383 George Street, Sydney. PGIM Real Estate is the real estate investment business of PGIM, the $1 trillion global investment management businesses of U.S.-headquartered Prudential Financial, Inc. (NYSE: PRU).
PGIM Real Estate has entered into a structured purchase arrangement for the property, which is currently scheduled for completion in late 2018. It will own the asset in conjunction with the seller, a Fife Capital-managed investment partnership.
“Opportunities to acquire a property of this quality in as tightly held a market as Sydney are very rare.”
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The 7,400-square-meter property comprises flagship retail space on the newly pedestrianized George Street, along with additional retail and boutique commercial space. Completed flagship retail space is already occupied by Optus and Vodafone, which are open for business. The balance of the project will be completed in stages, with the majority of the remaining space either already leased or in the advanced stages of negotiation. The York & George project will also include a 100 percent pre?sold, 199-apartment residential tower that does not form part of the transaction.
Steve Bulloch, head of Australia at PGIM Real Estate, commented: “Opportunities to acquire a property of this quality in as tightly held a market as Sydney are very rare. This is an outstanding asset in a very strong location that will continue to improve, and we look forward to capitalizing on the infrastructure and pedestrian improvements along George Street.”
About PGIM Real Estate
PGIM Real Estate is the real estate investment business of PGIM, the global investment management businesses of Prudential Financial, Inc. (NYSE: PRU). Redefining the real estate investing landscape since 1970, PGIM Real Estate has professionals in 18 cities in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $69.6 billion ($49.9 billion net) as of Dec. 31, 2017. PGIM Real Estate’s tenured team offers to its global client base a broad range of real estate equity, debt and securities investment strategies that span the risk/return spectrum. For more information, visit pgimrealestate.com.
With 15 consecutive years of positive third-party institutional net flows, PGIM, the global asset management businesses of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world with more than $1 trillion in assets under management as of Dec. 31, 2017. PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including fundamental equity, quantitative equity, public fixed income, private fixed income, real estate and commercial mortgages. Its businesses have offices in 16 countries across five continents.
Prudential’s additional businesses offer a variety of products and services, including life insurance, annuities and retirement-related services. For more information about PGIM, please visit pgim.com. For more information about Prudential, please visit news.prudential.com.
© 2018 PGIM is the primary asset management business of Prudential Financial, Inc. (PFI). PGIM Real Estate is PGIM’s real estate investment advisory business and operates through PGIM, Inc., a registered investment advisor. Prudential, PGIM, their respective logos as well as the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide. PFI of the United States is not affiliated with Prudential plc, a company headquartered in the United Kingdom. Ref: 18BDUFF-AXCM5X