Joint venture in Sydney
Auckland-based property company, Allied Properties, Ltd, has taken an interest in a sAust4s million deal for two prime redevelopment sites in downtown Sydney. It has formed a joint venture company with Corporate Investments, Ltd’s Australian subsidiary, White River Corporation, Ltd, to buy the two properties in the southern
sector of Sydney’s central business district. The purchase is the first major acquisition for Allied Properties, which was formed in October last year, and listed on the Stock Exchange on November 13. Allied Properties’ partner, White River, is an Australian public listed company, and is 65 per cent owned by New Zea-
land investment company,; Corporate Investments/ Ltd. Allied Properties is--48 per cent owned by Corporate Investments.
The two sites are a 2415; sq m site at 242-260. Castlereagh Street and' 255-269 Elizabeth Street,) bought for just over $3O \ million, and a 1209 sq m' site at 270 Pitt Street,' bought for $l5 million.
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Press, 7 May 1987, Page 42
Word Count
156Joint venture in Sydney Press, 7 May 1987, Page 42
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