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Leighton Holdings Limited (ASX:LEI) has sold a North Sydney development to Suntec Real Estate Investment Trust for just over $413 million.

 

The contractor announced the sale of 177 Pacific Highway, North Sydney and says it represents an initial yield of 6.89 per cent.

 

Leighton chief executive officer Hamish Tyrwhitt said the project was keenly sought by buyers domestically and internationally.

 

Mr Tyrwhitt says the sale to Suntec REIT - Singapore’s second largest listed REIT by assets under management - is testament to the building’s design.

 

Leighton generated a net profit of $360.2 million in the first half of fiscal 2013.