Poly Global is seeking investors for a $500 million half share in two of its flagship commercial projects across Sydney and Melbourne.
The megadeveloper announced it will return to market to offload a 50 per cent share on the two office tower projects: the A-grade 27-storey commercial tower at 210 George Street in Sydney, and the 23-storey commercial tower at 1000 La Trobe Street in Docklands.
Poly has tapped JLL and Colliers International to negotiate the deal.
The move comes after ASX-listed GPT Group pulled out from investing in the Sydney project earlier this year, with Poly offering up a half-stake in the project for between $260 million and $270 million.
Poly Global’s head of asset management Paul Badenhorst said the move forms part of the company’s long-term expansion plans in Australia.
“Securing partnerships on both projects and the subsequent recycling of capital will enable us to further our real estate investment and asset management expansion plans,” Badenhorst said.
“The strategy to partner on our flagship commercial projects in Sydney and Melbourne reflects our intention to grow tenfold over the next five years.”
JLL’s Simon Storry, Rob Sewell together with Colliers International’s James Barber, Adam Woodward, James Mitchell and John Marasco will manage the sale.
Poly Global is the international division of the listed property development company Poly Developments and Holdings—formerly Poly Real Estate Group. Poly Real Estate Group is a subsidiary of state-owned China Poly Group.
Poly Developments and Holdings operate in Australia, the UK, the US and China.
The company entered the global market in January 2015 with its first acquisition in Sydney's Epping.
Poly, which started speculatively on the 1000 La Trobe Street project in July last year, signed Myer as its major tenant. The 10-year agreement will see Myer lease 11,000sq m across five levels.
Both Sydney and Melbourne projects are scheduled for completion at the end of 2021.