Chinese firm buys Australian assets for $142m

Developer Aqualand, a subsidiary of Shanghai Shenglong Investment Group Co., has purchased an eight-story industrial warehouse and two other waterfront buildings in Sydney for A$180 million, or A$3,140 per square foot ($142 million/$2,479 per square foot).

The sellers were joint venture partners Citta Property Group, SGH and Barana Group.

The CBD waterfront industrial property, located at 8 Darling Island Road and also known as No. 8 Revy, totals 57,318 square feet, and will be redeveloped into a 46-unit residential property.

The assets also include the headquarters of media company Seven Network, which has a lease term expiring in 2029.

Shenglong, like other Chinese-based investors, is taking advantage of the opportunities in Australia. China was the largest source of foreign investment in Australia, according to the 2013/2014 annual report of Australia’s Foreign Investment Review Board. And, during 2014, Australia has seen the