Abacus Property to acquire the 77 Castlereagh Street from Blackstone Real Estate for $252m.

Abacus Property, a diversified property group, agreed to acquire the 77 Castlereagh Street from Blackstone Real Estate, a provider of investment management and advisory services, for $252m. The building comprises 11 levels of office space each with floorplates of about 1.2k sqm and occupancy is currently sitting at a healthy 95 per cent. “Being integrated above Westfield Sydney, a world-class retail offering, the acquisition continues the Abacus theme of acquiring assets with good amenity and a clear path to income growth. With a pathway to medium-term repositioning, this is a great opportunity for the group to implement active asset management strategies and transition the building to an A-grade standard which will unlock rental reversions and ultimately deliver long-term sustainable returns for our stakeholders," Steven Sewell, Abacus Managing Director.