GIC-backed fund pays $450m for Sydney tower
Singapore sovereign wealth fund GIC is backing a $450 million deal for a Sydney CBD office tower.
The 32-level 1 Market Street tower is being bought by the Investa Core Plus Office Partnership, a vehicle it backs, managed by Investa.
The vendor is the Investa Commercial Property Fund, another trust managed by Investa.
The sale is a capital-recycling transaction that allows the selling fund to exit the asset while retaining the building within its broader investment platform (continues below).
Completed in 1991, 1 Market St has about 29,453 square metres of net lettable area and includes a three-level podium and ground-floor retail.
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