GIC divests stake in $1.67b Sydney office

GIC was looking to divest its 50% stake in the tower since September 2018.

Singapore sovereign wealth fund GIC has divested an undisclosed stake in the $1.67b Sydney office property Chifley Tower to Australian property investment group Charter Hall through a joint venture, an announcement revealed.

GIC partnered with two of Charter Hall’s wholesale funds, Prime Office Fund and DVP wholesale fund/partnerships, which allowed the Australian firm to take full control of the asset and property management of the building. The sale brings Charter Hall’s funds under management to $30.7b (AU$33b).

The premium grade office tower has over 741,200 sqft of lettable area with more than 53,800 sqft of retail. It is reportedly leased to blue-chip tenants that include UBS, Investec, Sumitomo Mitsui Banking, and Morgan Stanley Australia.

GIC first announced in September last year that it was looking to divest 50% of its stake in the tower for around $889m.