Frasers Centrepoint's Aussie arm seals deals on Sydney hotel, commercial space

THE Australian arm of Singapore-listed Frasers Centrepoint Limited, together with a joint venture partner in a Sydney Central Park development, has entered into option agreements with an impact investment fund on the sale of a hotel and commercial space in a Central Park precinct.

Due for completion in mid-2018, the option agreements, worth just under A$190 million (S$199.15 million), include the 300-room Four Points by Sheraton Sydney in Central Park which incorporates a bar and lounge with an outdoor terrace, a restaurant, nearly 550 square metres of function space, a fitness centre and convenient parking facilities. Frasers Property Australia, through Frasers Centrepoint, said this in a release to the Singapore Exchange on Thursday morning before the opening of the market.

Frasers Property Australia had pursued the option agreements with its partner Sekisui House Australia. The agreements were sealed with Impact Investment Group (IIG).

Also included in the agreement is the commercial office component of 100 Broadway, which consists of a ground floor retail space, over 5,400 square metres of commercial space, and a large Greenwood Early Education Centre accommodating up to 90 children.

Located within the A$2 billion Central Park precinct, both 100 Broadway and the 297-room hotel form part of the mixed-use development DUO, which is due for completion in 2018 and will comprise two buildings, each with their own lobby entrances.

IIG is an Australian impact investment funds manager, with over A$400 million in funds under management and a portfolio taking in key sites along Australia's eastern seaboard.

Frasers Centrepoint's counter closed 4.72 per cent higher at S$1.885 on Wednesday.