SC Capital Partners has purchased an office tower in Sydney for AUD158m (€108m), meaning its US$850m (€741m) Real Estate Asia Capital Partners Fund IV (RECAP IV) is almost fully invested.
The Singapore-based fund manager bought the building, in Goulburn Street, from Roxy-Pacific Holdings, a property company listed on the Singapore Stock Exchange.
The investment was made by Sydney-based Fortius Funds Management on behalf of SC Capital.
Roxy-Pacific has obtained approval from authorities to redevelop the site for mixed use. Its development plan centres on a 38-storey tower offering hotel suites and residential apartments, alongside retail and office space.
RECAP IV has more than 30 investors, including US pension funds.
It has acquired several properties in Australia, including two Darwin hotels now managed by AccorHotels, purchased for about AUD80m in December 2014 from the Denwold Group.
It also bought a suburban office in the southern Sydney suburb of Bankstown for AUD57.5m, and has taken a half stake in Harbourtown, a discount outlet in Melbourne’s Docklands, for AUD146m.
Its most recent purchase was 4-6 Bligh Street in the heart of Sydney’s central business district, which it acquired for AUD68m in 2015.
IPE Real Estate understands that RECAP IV has since been fielding enquiries from potential buyers for this building, although SC Capital plans to redevelop the site rather than sell.
SC Capital recently launched a follow-up fund, RECAP V, hoping to raise up to a US$1bn.