Propertylink sells 320 Pitt Street, Sydney for $275M

Company News

by Jessica Amir

Propertylink (ASX:PLG) is selling its 320 Pitt Street, Sydney property for $275 million

The Australian property investment manager says the sale will deliver a 40 per cent internal rate of return to investors in the Propertrylink Office Partnership II fund.

The sale is expected to occur in July 2017 and will contribute $12.5 million in after tax earnings in FY2018.

The company says since its IPO, it has increased its WALE to 4.5 years and its occupancy to 95.4 per cent.

Shares in Propertylink (ASX:PLG) are trading flat at 84 cents.
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.