SC Capital buys A$127m North Sydney office asset from BlackRock

SC Capital Partners has bought an office building in North Sydney central business district from a fund managed by BlackRock for A$127m (€75m).

The building, at 2 Elizabeth Plaza, is currently held in the Asien Spezialfonds vehicle, a German regulated fund set up prior to BlackRock’s takeover of MGPA in 2013. The fund bought the asset for A$81m in 2017.

Suchad Chiaranussati, chairman and founder of SC Capital Partners, said that with its prominent location in one of the most attractive office markets in Australia, 2 Elizabeth Plaza was well poised for strong rental growth.

The Singapore-based fund manager acquired the asset for its open-ended fund, SCORE+. The building is a stabilised asset with a diversified income stream.

In Sydney, the acquisition of 2 Elizabeth Plaza by SC Capital Partners follows its recent purchase of the fully-leased 2 Wentworth Street office ower in Parramatta for A$105.3m.

Both are consistent with SCORE+’s investment strategy to acquire high-quality assets located in growth corridors within gateway cities of Australia, New Zealand, Japan, South Korea, Singapore and Hong Kong, the company said.