Singapore-based companies Singapore Land (SingLand) and UOL Group have formed a joint venture company to purchase a 50% stake in a commercial tower in Australia from Brookfield for A$460m (€283m).
Brookfield, which redeveloped the building at 388 George Street in the heart of Sydney’s central business district, retains the remaining 50% of the asset.
SingLand will hold an 80% interest in the United Venture Investments vehicle set up to hold the stake in the fully leased 388 George Street. UOL Group will have a 20% interest.
The 388 George Street property is a 30-storey commercial building and a five-storey retail plaza. It was built in the 1970s but was extensively refurbished by Brookfield to capitalise on its location, which is now the hub of luxury retailing in Sydney’s rejuvenated George Street.
SingLand said the joint venture with UOL would enable the company to mitigate risks and take on more projects to diversify its property portfolio and tap on the expertise and network of its joint venture partner.
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