Swiss financial services company Credit Suisse Asset Management has sold 400 Kent Street in the Sydney central business district (CDB) for $111.8 million on a yield of 4.5 percent, taking advantage of the surging Sydney commercial real estate market.
The 11-storey tower had been under Credit Suisse’s global real estate arm since 2014 after being purchased from two Charter Hall funds for $58 million.
Hong Kong-based investment firm Longbow Holdings will now take ownership of the building comprising 10,461square meter of premium office space.
U.S.-based construction company Hansen also emphasised interest in Sydney central business district office assets from a broad spectrum of investors, especially those based in Hong Kong and Macau.