Singapore’s sovereign wealth fund, GIC, has entered into a joint venture partnership with Australia-listed property group Charter Hall to acquire a class A office building in Sydney for an undisclosed sum.
The asset is the Jessie Street Centre in the CBD of Parramatta, a suburb of Sydney, totaling 53,900 square meters (580,175 square feet).
The property will benefit from significant developments and infrastructure projects within the surrounding precinct, including Parramatta Square, the recent completion of Stage 1 of WestConnex Motorway, the Parramatta Light Rail project to be completed in 2023 and the recently announced Sydney Metro West rapid rail to the Sydney CBD, which will reduce travel times between the two CBDs.
Lee Kok Sun, CIO of GIC Real Estate, said, “Parramatta is expected to benefit from Sydney’s forecast
