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TIAA Henderson Real Estate acquires 50% stake in Australian landmark office tower

101 Miller Street

TIAA Henderson Real Estate (TH Real Estate) has agreed to acquire a 50% interest in the landmark premium-grade office building 101 Miller Street, North Sydney, Australia, including the connecting Greenwood Plaza retail complex, for a purchase price in excess of AUD$300m (c.£165m).

TH Real Estate has acquired the 50% share on behalf of TIAA-CREF.

101 Miller Street and Greenwood Plaza are strategically located in the heart of the North Sydney CBD, with multiple direct access points to North Sydney Railway station. The premium grade office tower comprises 27 levels of office accommodation over approximately 37,549 sq m of lettable space. Major tenants include both State and Federal Government departments, Genworth and AGL. The office tower is 99% occupied with a 5-star NABERS Energy rating and is the pre-eminent office location in the North Sydney market.

Greenwood Plaza is the dominant shopping centre in North Sydney providing approximately 8,777 sq m of lettable retail and food tenancies spanning three levels. The centre is 100% occupied and supermarket anchored, including 98 specialty retail and kiosks serving over 18 million people each year.

The remaining 50% share of the landmark office tower and dominant shopping centre will continue to be owned and operated by the Mirvac Group, with whom TH Real Estate has developed a strong working relationship.

The deal marks TH Real Estate’s second significant acquisition in the Australian market, over the past month, following its 75% interest in regional shopping centre Mt Ommaney Centre in Brisbane.

Nick Evans, Executive Director and Head of the TH Real Estate business in Australia said: “The acquisition of a 50% interest in 101 Miller Street and Greenwood Plaza fits our strategy of owning dominant, well-located, well-leased office and retail properties, that cater to today’s occupier needs, in the world’s most attractive real estate markets. The exceptionally well-located complex offers a diverse income stream from retail and commercial tenants, including car park spaces for approximately 547 vehicles and multiple interconnecting access points to North Sydney train station. We are delighted to be advising sophisticated global investors in the Australian market. This acquisition is testament to our commitment to combine global scale with local expertise on the ground, and to provide our clients with access to the most attractive investment opportunities and best in class operating partners.”

Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services.

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