EG has supported the successful purchase of a 50% interest in three iconic Sydney retail assets – the Queen Victoria Building (QVB), the Strand Arcade and the Galeries Victoria – on behalf of their client, Hong Kong’s Link REIT. The trio of retail assets were purchased for $538 million.
The QVB has been a dominant retail destination in Sydney from its completion in 1898 through today as it will be into the future. Dominating a whole city block and linked into Town Hall rail station, the QVB also links though to the Galeries Victoria. The Strand Arcade is the last remaining grand shopping arcade in Sydney. Linking Pitt St Mall with the revitalised and pedestrianised George Street, the Strand Arcade has long been the destination for artisanal fashion and design.
“EG is pleased to have sourced this prime opportunity off-market for our client, Link REIT,” said EG’s Head of Capital Transactions, Sean Fleming. “These prime assets rarely come to market and are well placed to benefit from workers returning to their offices in the Sydney CBD and the reopening of Australian borders to international visitors,” Fleming continued.
Link REIT’s global pursuit of core properties with stable income and revenue growth potential led them to purchase 100 Market Street, Sydney in 2020 before connecting with EG to support their portfolio expansion in Australia in March 2021.
“EG is excited to deliver this opportunity to strengthen our relationship with Link REIT and assist them with their expansion strategy in Australia,” said EG’s Executive Director, Roger Parker.
Founded in 2000, EG manages $4.3 billion in real estate on behalf of super funds and private wealth clients to generate outstanding returns with lasting social impact. With $3.9 billion in development pipeline, and 16.7% per annum in realised IRR for institutional funds, EG is committed to finding a better path to better returns.
