Bluesky Alternative Investments Ltd
(ASX:BLA) had made a $400 million property purchase on Ninth Avenue in Manhattan, New York.
Bluesky made this purchase, through a joint venture managed by a company called the Cove Property Group – which Bluesky owns a 38% stake in.
The company says the Manhattan building is eight-storeys high, and Cove plans to fully redevelop it into a Class A office tower. Bluesky also says the building is also in one of Manhattan’s most rapidly expanding submarkets which has already begun to benefit from a projected US$20 billion private and public capital expenditure.
Bluesky reported a net profit of $10.5 million at 30 June 2016.
