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Matsushita Sells Sydney Office Tower, Gold Coast Resort for $580M-Plus

SYDNEY-Morgan Stanley and the Government of Singapore jointly acquire the 40-story Chifley Tower and Plaza here and the 330-room Royal Pines Resort on the Gold Coast from Japan's Matsushita Investment and Development.

By Brian K. Miller | Updated on May 27, 2005

SYDNEY-Japan’s Matsushita Investment and Development has sold the 40-story Chifley Tower and Plaza here and the 330-room Royal Pines Resort on Queensland’s Gold Coast to a joint venture of Morgan Stanley and GIC Real Estate, the property arm of the Government of Singapore. Morgan Stanley declined to confirm the sale price for each of the assets, which local sources estimate was A$700 million (US533.89 million) for Chifley Tower and between A$60 million and A$80 million (US$45.77 million-US$61.03 million) for Royal Pines.Chifley Tower and Plaza is a landmark 40-story office building with a three-level retail base over basement parking for 363 vehicles. Completed in 1992, the building has a prime CBD location and provides uninterrupted views of the harbor from the upper floors. Key tenants include domestic and international investment banks and legal firms, according to Morgan Stanley.”We see the Sydney office market characterised by a limited supply of pre-committed new office stock and decreasing vacancy rates for premium space,” says GIC Real Estate president Dr. Seek Ngee Huat in a prepared statement. “We believe that the underlying market fundamentals will favour rental growth.”Royal Pines Resort is one of the largest developments of its type in Australia. In addition to its 330 rooms, the resort includes convention facilities, a 27-hole championship golf course and a substantial residential development and land bank on 200 hectares. The resort has been the venue for the Australian Ladies Masters Golf Tournament every year since 1992 and hosts the annual Uncle Toby’s Ladies Tennis Hard Court Championships as a lead-up event to the Australian Open.”It is our intention to continue developing Royal Pines Resort as a world class hotel and convention, residential, golfing and leisure venue,” says Sonny Kalsi, head of Morgan Stanley Real Estate Asia, in a prepared statement.

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