Abacus, GS buy $115m Syd property

Abacus Property Group and Goldman Sachs have jointly paid $115 million to acquire a property in Sydney.

The purchase of 201 Pacific Highway, St Leonards, which forms part of the Forum complex, is subject to regulatory approval for foreign investment, with settlement expected in August.

The building is around 97 per cent occupied, and under the terms of the deal, Abacus and Goldman Sachs will provide 50 per cent of the equity each.

Abacus chief executive Frank Wolf said the buy gives the group an opportunity to achieve strong risk adjusted returns.