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Starwood Capital, Arrow Property and Pindan Capital Acquires Sydney Office Building

December 20, 2017 Business News No Comments Email Email

A Joint Venture between an affiliate of Starwood Capital Group, Arrow Property Investments, and Pindan Capital has acquired a 190,000 SF office in North Sydney, Australia.  Terms of the transaction were not disclosed.

The property, located in St Leonards, a prime growth corridor and mandated Priority Precinct of the NSW State Government, is located within close proximity of the St Leonards and the future Crows Nest railway stations. The asset will be managed by the joint venture and operating partners, Arrow Property Investments and Pindan Capital.

Kevin Colket, Managing Director of Starwood Capital Group commented: “Australia is an attractive growth market for Starwood Capital Group, and we were drawn to the growing economy, positive demographics and transparent business environment in making our first investment there in Sydney.  Using our world-class real estate expertise, we have already targeted a pipeline of potential properties in the major Australian markets and will continue to make additional investments into the country over the near term.”

James Fogarty, Vice President added: “We targeted the Greater Sydney office market due to the limited supply, growing demand and major infrastructure improvements which are currently underway.  The building appeals to a wide range of tenants, which is evidenced by the strong existing rent roll.  The floor plates allow us to provide space for varying tenant needs while also being competitively priced for Sydney.”

Kurt Wilkinson, for Arrow Property Investments said: “With significant government infrastructure spend, the addition of metro rail in a market seeing strong growth in both the medical and residential sectors, the St Leonards Precinct is set to undergo significant transformation in the future. We are pleased to have sourced such a significant investment opportunity and are proud to be partnering with Starwood Capital Group.”

Scott Staniforth, Director of Pindan Capital – “We are delighted to secure this opportunity with Starwood and Arrow. We have been focusing on the St Leonards precinct for a while and are delighted to secure an income producing asset on a large land holding.”

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