The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
25 DAYS UNTIL OUR UNMISSABLE FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
25 DAYS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
SECURE YOUR SPOTDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
4
print
Print
OtherAna NarvaezTue 02 Jul 19

Hong Kong Billionaire Buys Out Northpoint Tower

a413b082-a0b0-475c-92ef-1c108a27d0b1

Hong Kong-based investor Francis Choi has acquired full ownership of North Sydney’s Northpoint Tower after buying out the remaining 50 per cent of the building for $300 million.

The billionaire founder of Early Light snapped up the recently-refurbished 100 Miller Street asset from Cromwell Property Group. Choi had acquired the initial half stake from South African real estate giant Redefine Properties in 2018.

Cromwell and Redefine jointly bought the Northpoint asset in 2013 for $287.7 million and spent $130 million refurbishing the 44-storey tower and developing a boutique 187-key Vibe hotel.

The tower reopened in March 2018.

Early Light also owns a 100 per cent interest in the Australian Exchange Centre in Sydney’s CBD, which it acquired for $335 million in 2017; and 1 Castlereagh Street, which Choi bought off Blackstone for $220 million.

Choi made his billions in toy manufacturing, founding the Hong Kong-headquartered Early Light in 1972. Early Light’s diverse portfolio of interests include property, jewelry, automotive service and education.

Cromwell chief investment officer Rob Percy said that the sale, along with the new the execution of a new €225 million three-year syndicated facility, will provide certainty for the group’s $1 billion acquisition pipeline.

▲ Cromwell and partner Redefine spent $130 million refurbishing the 44-storey tower.


We will continue to recycle capital which [w]ill allow us to accelerate the execution of our ‘invest to manage’ strategy,” Percy said.

Cromwell had flagged half a billion of office and retail opportunities in Europe along with another $1 billion of value-add opportunities across its existing portfolio.

Cromwell chief executive Paul Weightman said the facility, along with the proceeds of its $375 million placement, will help the group execute on its “invest to manage” strategy.

“[And] provide us with the increased flexibility required to support the continued growth of our European funds management business,” Weightman said.

The sale is subject to FIRB approval and is expected to settle in mid-September.


OtherRetailOfficeHotelEducationAustraliado not useFinanceReal EstateDeal
AUTHOR
Ana Narvaez
The Urban Developer - Editorial Director
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
6 Min
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy to the Sound of Cannons: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
5 Min
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
View All >
The construction site which will one day become Newcastle Tallest Tower by Urban Property Group
Residential

Urban Property Group Reveals Newcastle Tallest Tower Plan

Renee McKeown
the four concept towers approved for sydney metro's parramatta precinct
Development

Rush of Approvals Sends Parramatta Skywards

Renee McKeown
ESR building ESR completes delisting
Industrial

ESR Reveals New Team After Hong Kong Delisting

Leon Della Bosca
Going private means plans to focus on logistics and data centres across the Asia-Pacific region can accelerate, ESR says…
LATEST
The construction site which will one day become Newcastle Tallest Tower by Urban Property Group
Residential

Urban Property Group Reveals Newcastle Tallest Tower Plan

Renee McKeown
3 Min
the four concept towers approved for sydney metro's parramatta precinct
Development

Rush of Approvals Sends Parramatta Skywards

Renee McKeown
2 Min
ESR building ESR completes delisting
Industrial

ESR Reveals New Team After Hong Kong Delisting

Leon Della Bosca
3 Min
Bunnings Clyde North
Markets

Bunnings Sold On as Charter Hall Doubles Down on Retail

Leon Della Bosca
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/hong-kong-billionaire-buys-out-northpoint-tower