Chinese-backed developer Poly Global is offering a 49 per cent stake in its $500 million Circular Quay office tower as it looks to expand its asset management operations in Australia.
The Shanghai-listed developer, who has acquired sites in Sydney, Melbourne and Brisbane since launching in 2014, made the announcement on Sunday.
The Grimshaw-designed tower, which Poly will still develop and co-own, is being built by Watpac with demolition set to commence in coming weeks.
Poly said that the expansion of its asset management business is a “long term play” buoyed by a strong Sydney office market.
“Given the strength of the commercial market in Sydney, [t]he company felt this is the opportune time to extend its business and cement its position in asset management,” Poly said in a statement.
Poly declined to comment on the potential listings of any other assets in its portfolio.
Poly is also speculatively developing a 24-storey office tower in Melbourne’s Docklands and has recently switched gears to an office scheme for a Richmond project.
Poly's Victorian executive director Steve Wang told The Urban Developer that stronger office market conditions and tightening vacancies prompted the switch.
Major developers, including Golden Age Group and Woodlink, have recently withdrawn from Melbourne’s apartment market — walking away from up to $1 billion worth of residential projects.
Poly appointed agent Knight Frank to market its Poly Centre asset.