GIC has teamed with Charter Hall to buy a 15-storey office building in Parramatta in southeastern Australia from Brookfield Properties for around A$420m (€289m).
According to sources familiar with that matter, the parties had agreed to terms of the Jessie Street Centre transaction which would require the approval of Australia’s Foreign Investment Review Board.
Brookfield offered the building for sale in April, having owned it for more than a decade. Brookfield has extensively refurbished the tower, with tenants in the Macquarie Street tower including government departments and legal firms.
Singapore sovereign wealth fund GIC first entered the Sydney submarket in 2007, when it paid A$717.5m for a 50% interest in Westfield Parramatta.
It recently bought a 25.1% stake in an A$4.3bn Sydney office fund, Lendlease International Towers Sydney Trust, from CPPIB and LendLease.
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