GIC and Dexus buy half of Melbourne skyscraper for $392m

Singapore-based GIC and Australian property investor Dexus have set up a joint venture to acquire a 50 percent stake in Rialto Towers, located in Melbourne, Australia, for A$644 million ($392 million).

The seller of the 50 percent stake in the tower is St. Martins Property, a subsidiary that rolls up to the Kuwait Investment Authority (KIA). The building was built by the Grollo family in Australia in 1986.

GIC will hold a 90 percent share in the joint venture, while Dexus will hold the other 10 percent.

Rialto Towers is a 55-story building and is one of the largest office buildings located in Melbourne’s central business district.