GIC plans to sell 50% stake in Chifley Tower

Singapore-based sovereign wealth fund GIC has plans to sell a 50 percent stake in a Sydney office skyscraper, Chifley Tower, with a A$900 million ($654 million) sales price, according to media reports.

Chifley Tower and Plaza is a landmark Sydney property comprising 40 levels of premium office space, an integrated retail component over three levels and basement parking for 363 cars. The building has a prime CBD location with the upper levels providing uninterrupted views of the Harbour, Opera House and surrounding area. Construction was completed in 1992 to a very high technical specification. Key tenants include domestic and international investment banks and legal firms.

GIC acquired the property from Morgan Stanley in 2005.