Singapore, 19 August 2019 – GIC, Singapore’s sovereign wealth fund, will acquire a 25.1% stake in Lendlease International Towers Sydney Trust (LLITST) from Canada Pension Plan Investment Board and Lendlease.

LLITST holds assets located in the Barangaroo Office Precinct in the Sydney Central Business District (CBD). The properties are highly-accessible premium grade office towers, with close proximity to Darling Harbour and extensive amenities.

Lee Kok Sun, Chief Investment Officer, GIC Real Estate, said, “These high-quality assets, situated in the heart of Sydney’s CBD, are expected to generate attractive risk-adjusted returns in the long run. As a long-term investor, we will continue to seek good investment opportunities that will add value to our global portfolio.”

The transaction is subject to regulatory approval and expected to fully close in Q3 2019.