Queensland Investment Corporation’s Global Real Estate business has moved a step closer to selling its $555 million Sydney landmark, 52 Martin Place, with REST Industry Super targeting what could be the biggest office tower deal of the year.
REST, one of Australia’s largest super funds by membership, has been looking for a Sydney office investment for some years. It has previously made a play for the towers above Westfield Sydney, but that group is not likely to sell until its corporate restructure goes through.
A sale at this level would be a windfall for QIC, which took full control of the tower three years ago when it bought out co-owner Stockland for $172.2m.
The 36-storey tower, home to Seven Network’s breakfast show has exceptionally long leases over part of the space by the NSW government.
Sydney towers have been changing hands at a rapid clip this year, with Blackstone snapping up a half-stake in Mirvac’s $900m Westpac Place.
The Australian reported this week that Dexus Property Group and Perron Group were to bring the near $350m 201 Elizabeth Street on Hyde Park to market.