GIC sells 50% stake in Sydney skyscraper for $889m

Chifley Tower houses Snapchat, Blackrock, Morgan Stanley, and UBS as its tenants.

GIC targets to sell 50% of its stake in a 53-storey Sydney office skyscraper for $889m (A$900m) after the sovereign wealth fund announced that it was seeking to dispose about $2.75b (US$2b) worth of private equity portfolio, The Australian Financial Review reported.

With its decision, GIC has officially appointed JLL and Cushman & Wakefield to sell its stakes in Chifley Tower.

Designed by American architecture firm Kohn Pedersen Fox, Chifley Tower is a 244 m tall building which is home to tenants include Snapchat, Blackrock, Morgan Stanley, and UBS.

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GIC partnered with Morgan Stanley Real Estate to buy Chifley Tower back in 2005 at a price tag of $701.31m (A$710m.)

According to the report, massive bids are expected from buyers looking into expanding their portfolio in the highly competitive Sydney office market.