Charter Hall and Abacus Property Group each acquire a third interest in Myer Melbourne property
By Imogen Bailey | 2 July 2021
Abacus Property Group is set to acquire one third interest in the Myer Melbourne property on Bourke St.
Simultaneously, Charter Hall will acquire a third interest (as tenants-in-common) with the remaining third share held by the property manager, Vicinity.
Total consideration for the acquisition is $135.2 million (excluding transaction costs) and reflects approximately $10,157 per square metre of gross lettable area (GLA) and a 6% passing yield.
"It is pleasing to be able to take advantage of this intergenerational opportunity with longer term repositioning potential," Abacus MD Steven Sewell said of the deal.