China Investment Corporation is investing in an Australian office portfolio and management platform being sold by Morgan Stanley.
The Chinese sovereign wealth fund is buying Investa Property Group from Morgan Stanley Real Estate Investing for an undislosed amount.
The sale of the AUD8.9bn (€5.87bn) platform, which began in February this year, includes the Investa Office Fund as well as the unlisted Investa Commercial Property Fund and IPT.
It represents Australia’s largest ever office sale, according to reports.
The Investa portfolio is made up of nine premium and A-grade buildings in Sydney’s central business district, as well as an asset in Melbourne.
Morgan Stanley said the portfolio’s rental income comes from blue chip companies and Australian federal and state government tenants.
CIC will retain Investa Office’s management platform for property management services, including the ASX-listed Investa Office Fund.