OfficeStaff WriterWed 09 Jul 14
GE Capital Sells Asset To Focus On Debt Markets
GE Capital Real Estate has sold one of its last property assets, an office park in Hurstville in Sydney's south for $50 million to an onshore Chinese investor.
The transaction marked the second-last sale out of GE's previously $1.6 billion property portfolio, with plans to sell its last remaining asset in Perth in the near future as their focus returns back to lending.
The Hurstville office park sale signifies a trend in large investments exchanging hands in Sydney's suburbs, with the possibility of residential conversion on the 10,000 square metre site.
South Sydney has had strong demand for free-standing property with residential conversion opportunity, says CBRE's Simon Kasprowicz, who brokered the deal.
GE financed the Hurstville acquisition for the purchaser.
