Singapore’s GIC has placed a 50% stake in a Sydney office skyscraper, Chifley Tower, on the market, with an asking price of AUD900m (€561m).
The sovereign wealth fund has appointed two international agencies to market the premium asset.
The building was constructed in 1992 for around AUD1bn.
GIC bought Chifley Tower jointly with Morgan Stanley Real Estate Investing (MSREI) in 2005 for about AUD710m, in what was described at the time as a distressed sale from financially-troubled Japanese owner-developer Matsushita Investment & Development Corporation.
GIC has since bought out MSREI to become sole owner of the building.
