Singapore’s Mapletree Investments has acquired an office tower at 111 Pacific Highway in North Sydney for A$275m (€127m) from Oxford Properties.

In March, Oxford Properties announced plans to sell 40% of around A$4.5bn (€2.82bn) worth of assets in Australia held in the former Investa Office Fund.

The property arm of Canadian pension fund OMERS - which outbid Blackstone in a A$3.5bn offer for the trust in December last year - is planning to sell a total of 11 non-core properties valued at A$1.4- A$1.5bn.

Also from the IOF portfolio, 10-20 Bond Street in Sydney CBD was sold to Mirvac for around A$325m. Another tower, at 66 St Georges Terrace, Perth, has sold for A$72m, reportedly to Sydney-based fund manager CorVal.

Media reports have identified Invesco, the Singapore-based Rockworth, and mid-sized Australian fund managers like Growthpoint, Anton Capital and CorVal as prospective buyers for several of the remaining buildings.

When launching the disposal campaign in March, Alec Harper, Oxford Properties’ director, investments and asset management, Australia, said the disposal would enable his team to focus on those assets that most closely aligned with Oxford’s overall global investment strategy.

Harper said the sale would provide Oxford Properties with an opportunity to recycle sale proceeds into new acquisitions.