The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FIRST RELEASE TICKETS ON SALE FOR URBANITY-25 THE UNMISSABLE EVENT FOR PROPERTY PROFESSIONALS IN THE ASIA PACIFIC
FIRST TICKETS ON SALE FOR URBANITY-25 UNMISSABLE FOR PROPERTY PROFESSIONALS
SEE DETAILSDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Partner Lab
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
7
print
Print
OfficeWed 02 May 18

Billionaire Paul Lederer Buys Share in Sydney Tower

f92ec4d4-9e96-48c0-a7f0-bfdd153b4a9f

Billionaire and co-owner of A-League club Western Sydney Wanderers, Paul Lederer, has acquired a 50 per cent stake in a St Leonards office tower in Sydney.

The Lederer Group partnered with Centuria Metropolitan REIT to acquire the remaining half share of the A-Grade building for $172 million from Abacus and a co-investment partner.

Lederer said the group was “pleased to expand” on the strong relationship with Centuria on the high-quality metropolitan office asset. Lederer’s investments in various Centuria funds exceed $195 million.

“The Lederer Group has investments in excess of $195m across CMA, Centuria Industrial REIT, Centuria Capital Group and now our wholesale funds business,” Centuria head of real estate and funds management Jason Huljich said.

Related reading: Centuria buys TAC building for $115m from Impact Investment Group

Lederer


Centuria originally purchased a 50 per cent stake in the building, owned by Abacus and its equal co-investment partner, last December for $85.8 million on a 6.5 per cent yield. Centuria had an option deal in place to buy out the remaining 50 per cent.

The 201 Pacific Highway acquisition, featuring 16,488sq m of net lettable area, helps Centuria consolidate its St Leonards presence after its $43 million acquisition of neighbouring 203 Pacific Highway in 2015.

Both buildings are A-Grade quality assets with proximity to St Leonards rail station.

Related reading: JQZ Launches St Leonards’ Supersite to Market

Centuria Group chief executive John McBain said the group anticipates entering into more transactions with wholesale capital partners “to partner both our listed and unlisted property fund management vehicles.”

“This is on-strategy and designed to encourage strong assets under management (AUM) growth throughout the group,” McBain said.

The deal brings Centuria’s unlisted wholesale AUM to $407 million with the group’s total AUM at $4.6 billion.

OfficeIndustrialAustraliado not useReal EstateDeal
ADVERTISEMENT
TOP STORIES
MONARK co-founders Michael Kark (CEO) and Adam Slade-Jacobson (CIO)
Exclusive

Finding the Sweet Spot: How Monark Built its $2bn Property Empire

Leon Della Bosca
6 Min
Exclusive

Sydney’s Fear of Heights Holding Back Housing

Vanessa Croll
6 Min
North Melbourne Craigieburn HB Land EDM
Exclusive

Tribunal Finding Cruels 1000-Home Melbourne Plan

Clare Burnett
5 Min
Roseville Hycorp EDM
Exclusive

Ku-ring-gai TOD Backflip Slashes 1500 Homes from Under-Way Developments

Clare Burnett
7 Min
Exclusive

Housing Fix Sprint Begins with New Top Planner Pushing 13 Regional Plans

Phil Bartsch
8 Min
View All >
Labrador Midrise Whiting Street DA hero
Residential

Labrador Scheme Joins Gold Coast Midrise Surge

Phil Bartsch
MONARK co-founders Michael Kark (CEO) and Adam Slade-Jacobson (CIO)
Exclusive

Finding the Sweet Spot: How Monark Built its $2bn Property Empire

Leon Della Bosca
Indroo Verso 53 Coonan Street DA hero
Development

Tower Pitched as Brisbane’s Inner-West Regains Steam

Phil Bartsch
The proposal rising 20 storeys and comprising 119 units is part of a renewed vanguard pushing residential density to new…
LATEST
Labrador Midrise Whiting Street DA hero
Residential

Labrador Scheme Joins Gold Coast Midrise Surge

Phil Bartsch
2 Min
MONARK co-founders Michael Kark (CEO) and Adam Slade-Jacobson (CIO)
Exclusive

Finding the Sweet Spot: How Monark Built its $2bn Property Empire

Leon Della Bosca
6 Min
Indroo Verso 53 Coonan Street DA hero
Development

Tower Pitched as Brisbane’s Inner-West Regains Steam

Phil Bartsch
3 Min
Clarke Hopkins Clarke's rendering of the clubhouse for Levande's Highton seniors living project in Geelong.
Retirement & Aged Care

Seniors Living Plan Revealed for Former Geelong Van Park

Marisa Wikramanayake
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/billionaire-paul-lederer-buys-share-in-sydney-tower