Abacus Property Group
(ASX:ABP) is set to buy an inner Sydney office building for $95 million from a private investor.
Abacus says it has inked a deal with Kirsh Group to jointly acquire 14 Martin Place, on a yield of 8 per cent per annum.
While the deal is still subject to approval from the Foreign Investment Review Board, settlement is expected to be finalised by 30 June 2011.
In August Abacus and Kirsh jointly acquired the Birkenhead Point Shopping Centre and Marina in New South Wales for $174 million.
Abacus says the latest purchase consists of an eight level heritage facade commercial office building, built in 1892.
Abacus moved from a loss of $103 million last year to a net profit of $25 million in the year to 30 June 2010.
