Singapore's GIC Buys Canberra Office Bldg

Singapore’s GIC Buys Canberra Office Bldg For A$335mil

AUSTRALIA – Singapore’s sovereign wealth fund GIC announced on Monday afternoon (6 December, SGT) that it has teamed up with Australia-listed Charter Hall to purchase the 50 Marcus Clarke office building in Canberra for A$335 million.

“We are confident that the stability of Canberra’s office market, coupled with resilient, high quality tenancy demand makes this acquisition a strong investment. The Canberra market has performed well during COVID, with continued macroeconomic growth and low office vacancy,” said Kishore Gotety, Co-Head (Asia ex-China) of Real Estate at GIC.

Situated within Canberra’s central business district (CBD), the Grade A office building has access to major amenities and transport facilities. With more than 40,000 sq m of net lettable area (NLA), the commercial property is presently fully occupied by the Department of Education, Employment and Workplace Relations.

“50 Marcus Clarke is a well-located, modern asset that meets our high standards for sustainability and aligns well with our strategy of acquiring properties leased to high-quality tenants. It provides a flexible, future-focused and agile work environment, which will help the public sector maintain an engaged, productive and healthy workforce,” noted Carmel Hourigan, Chief Executive for Office at Charter Hall.

Aside from that, the commercial property has impressive eco-friendly credentials – 5.5 star NABERS energy rating, 6.0 Green Star rating.

Previously, 50 Marcus Clarke was acquired by South Korean investment group Mirae Asset Global Investments at a “record-breaking” purchase price of approximately A$321 million in early-2017, according to Australian property agency Allhomes.

“We are pleased to acquire this iconic office building in Canberra’s CBD with Charter Hall, a leading market player with strong experience in the Canberra market. This acquisition will add to the diversification of GIC’s office portfolio across key cities in the Australian market where GIC has been investing in for many years,” said Lee Kok Sun, Chief Investment Officer of Real Estate at GIC.

“With the opening of our Sydney office, we look forward to supporting the management of this asset and to generate more value-add with partners, such as Charter Hall,” Lee added.

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