Singapore sovereign wealth fund GIC has increased its exposure to Sydney’s office market with the A$450 million ($293 million) acquisition of 1 Market St., according to The Australian.
The acquisition was made through the Investa Core Plus Office Partnership, an unlisted vehicle backed by GIC. The seller was Investa Commercial Property Fund, which is recycling capital as it focuses its portfolio on premium office properties.
The 32-story, class A office tower comprises approximately 317,000 square feet of net leasable area and includes a three-level podium and ground-floor retail space. The property is located between Sydney’s financial district and Darling Harbour.
