GIC takes 50% stake in Melbourne office development

Singapore’s sovereign wealth fund, GIC, has acquired a 50-percent stake in a Melbourne office development from Charter Hall Group’s Prime Office Fund (CPOF). News sources report the transaction was for A$800 million ($569.7 million).

The 3,000-square-meter (32,291-square-foot) site was acquired in 2018 and subsequently planning approval was received for an 84,000-square-meter (904,168-square-foot) state-of-the-art, twin-office-tower precinct that includes 2,300 square meters (24,756 square feet) of retail. Stage 1 is under construction and is scheduled for completion in 2023.

The property is located on one of Melbourne CBD’s key intersections and is surrounded by other premium-grade office towers.

“We’re delighted to extend our 22-year partnership with GIC offering one of our CPOF investors the opportunity to co-own what we believe will be one of Melbourne’s pre-eminent new office precincts,” said David Harrison, managing director & group CEO o