Singaporean sovereign wealth fund GIC Private Limited is forecasted to be the winning bidder in the race to acquire a premium-grade tower in Perth, paying more than A$320 million ($228 million) for the property.
The Exchange Tower is a 40-level tower located at 2 The Esplanade which is seen as the poster child for Perth’s office leasing recovery story.
A deal between GIC and Exchange Tower joint owners, Australian investment manager AMP Capital and property developer Primewest, would make it the highest-profile commercial property transaction in Perth this year.
Primewest is likely to continue to manage the Exchange Tower following the purchase by GIC.