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.
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