GIC and have bought an office building in the Australian capital Canberra from Mirae Global Asset Management for A$335m (鈧�208m).
Singapore鈥檚 sovereign wealth fund has formed a joint venture with Charter Hall to undertake the acquisition of 50 Marcus Clarke, a government-tenanted, A-grade building.
91传媒在线 understands that GIC will have a 95% interest, with Charter Hall holding the remaining 5%.
Lee Kok Sun, GIC鈥檚 CIO for real estate, said: 鈥淭his acquisition will add to diversification of GIC鈥檚 office portfolio across key cities in the Australian market 鈥� where GIC has been investing for many years.鈥�
GIC opened an office in Sydney in June and this year stepped up investments in Australia, including the purchase with ESR of the $3.8bn Milestone Logistics Portfolio from Blackstone in April.
Kishore Gotety, GIC鈥檚 co-head of real estate for Asia ex-China, said: 鈥淭he Canberra market has performed well during COVID, with continued macro-economic growth and low office vacancy.
鈥淕oing forward, we expect steady office demand, underpinned by healthy employment growth and government demand. Lastly, we look forward to leveraging Charter Hall鈥檚 strong leasing capabilities to create more value-add.鈥�
David Harrison, Charter Hall鈥檚 managing director and group CEO, said the strategic acquisition further strengthened Charter Hall鈥檚 15-year relationship with GIC.
鈥淲e are also pleased to advance our relationship with the Australian government as a major tenant customer, and to further increase our exposure to Canberra鈥檚 growing office market,鈥� he said.
The building is occupied by the Department of Education, Skills and Employment. Korea鈥檚 Mirae Asset Global Investments bought the building in 2017 for A$321m from Singapore鈥檚 CIMB Trust Capital.
It is Charter Hall鈥檚 third purchase of a Canberra office building this year, having previously bought the Services Australia building for A$306m and the Doris Blackburn building for A$99m.
