Abacus Property Group and investment firm Kohlberg Kravis Roberts (KKR) have teamed up to buy a $120.4 million controlling stake in three towers of Melbourne's World Trade Centre complex.
The joint venture, which will take a 70 per cent stake in the mixed-use development, will be funded with a $90.3 million contribution from KKR and a $30.1 million contribution from Abacus.
Its value of the deal represents an initial yield of 9.3 per cent per annum.
Abacus will take over management of the complex, which comprises 50,000 square metres of lettable space.
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Joint venture takes 70 per cent stake in three towers of Melbourne's World Trade Centre development.
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