A fund managed by the Australian boutique fund manager Arcadia has acquired a 50% stake in a Sydney office building, from Credit Suisse, for AUD176m (€109.4m).

The purchase of the half share in 52 Goulburn Street gives the fund, known as Australian Wholesale Property Fund (AWPF), a stake in the fourth of four buildings in the entire World Square Precinct.

The investors in the club currently have a 50% stake in three buildings in World Square.

IPE Real Assets understands that the fund has just three investors – Sunsuper, Victoria’s investment agency, VFMC, and the Commonwealth Superannuation Corporation.

Hamish Flett, Arcadia’s joint managing director, said this latest transaction will bring AWPF’s combined investment across the World Square precinct to more than 105,000sqm, with an estimated value of AUD900m.

“The dynamic precinct offers high-quality office facilities in three buildings, coupled with one of the highest- performing CBD shopping centres in Australia,” Flett said.

The 12-storey property is leased entirely to the Australian Taxation Office until 2022. 

The fund already owns a 50% interest in 680 George Street and 50 Goulburn Street, which form part of World Square.

It also owns a half stake in the World Square Shopping Centre and car park, jointly with industry super fund property fund manager, ISPT, which acquired its interest in December 2015.

A source told IPE Real Estate that, from the super funds’ perspective, this is a strategic acquisition for “long-term” hold.

Arcadia currently manages AUD1.5b of institutional funds and mandates.