Mapletree, the property investment arm of Singapore’s state investment fund, Temasek, has bought an Adelaide office building for AUD202.5m (€132m), according to sources.

The asset was acquired from Dexus and joint owner, Canada Pension Plan Investment Board (CPPIB).

When approached by IPE Real Assets, a spokesperson for Mapletree, said: “As a real estate developer, investment and capital management company, Mapletree continually seeks to invest in income-producing assets in developed economies such as Australia.”

However, the spokesperson added: “Currently, we have nothing to comment.”

Industry sources have confirmed to IPE Real Estate that the buyer is the Singapore-based Mapletree.

Both Dexus and the agents who handled the sale, JLL and Colliers International, declined to disclose the identity of the investor on the ground of confidentiality agreement.

Dexus said it had conditionally exchanged contracts with “the foreign buyer” to sell 11 Waymouth Street in the central business of the South Australian capital.

It would say only that the sale is subject to the purchaser receiving approval from the Foreign Investment Review Board – a process which non-Australian buyers have to go through.

The property is owned by the Dexus Office Partnership, a 50-50 partnership between Dexus and CPPIB.

The sale reflected a slight premium to the property’s book value at June 30. Settlement is expected in the first quarter of 2018.

Dexus said the sale of 11 Waymouth Street is consistent with the group’s strategy of divesting assets from non-core markets.

Dexus and CPPIB have sold three assets in Adelaide, Perth and suburban Sydney to focus on office markets in Sydney, Melbourne, Brisbane and Perth.

Mapletree has recently stepped up its offshore investment in markets such as the UK and the US.

Yesterday, the Singapore group announced that it had completed its US$753.8m (€635.5m) acquisition of 14 data centres in the US from Carter Validus Mission Critical REIT.

This year, Mapletree has also made deals in student housing in the US with an aggregate value of about US$1.6bn purchased from Kayne Anderson Real Estate Advisors.