Mapletree Investments has bought the Chatswood tower office asset in Sydney from the Future Fund and two state-owned superannuation funds, for AUD158m (鈧�101m).
The property investment arm of Singapore鈥檚 state investment fund acquired the suburban office building from the Future Fund, Victoria Funds Management Corporation and Funds SA, of South Australia.
Mapletree has office assets in four Australian cities in a portfolio which includes logistics and serviced apartments.
The Chatswood tower asset, which is located 10km north of the Sydney central business district, is managed by Sydney-based manager, CorVal, in its Value Active Fund. The asset was purchased in 2014 for AUD81.6m.
Michael Hua, CorVal鈥檚 fund manager, told 91传媒在线 that the office tower was the last in the fund to be sold.
Hua said the fund would now be wound up, having delivered an internal rate of return of 18% to its investors during its term.
The Future Fund and its partners invested more than AUD570m to buy eight assets in capital cities when the fund was established in September 2012.
The first three assets were sold in 2015 and other assets have been progressively sold down since then. The investors had given a new mandate to CorVal to pursue the same strategy as the first fund.
Hua added, 鈥渢he environment has changed, and it will be much harder finding similarly attractive deals.鈥�
