A fund managed by SC Capital Partners has sold a 26-storey office building in central Sydney to Poly Australia, a local subsidiary of Shanghai-based Poly Developments and Holdings, for A$270m (€166.5m).
Singapore-based SC Capital’s Real Estate Capital Asia Partners IV fund acquired the 59 Goulburn Street asset in 2017 for A$158m.
Suchad Chiaranussati, SC Capital Partners’ chairman, said the underlying office occupier markets of Sydney, Melbourne and Canberra remained tight.
To capitalise on this, he said: “Our investment strategy is to target short-lease buildings and reposition them into high-quality assets delivering stable, long-term income streams.”
Built in 1973, the Goulburn Street building has approval for redevelopment into a mixed-use project with hotels, apartments and commercial spaces.
The asset has tripled in price since 2014 when the Singapore-based Roxy-Pacific acquired it for A$90m.
A previous version of this story incorrectly stated that the SC Capital fund jointly acquired the 59 Goulburn Street asset with Fortius Funds Management. Fortius managed the asset as a partner with no equity interest,