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Singapore's GIC to buy 25.1% stake in Sydney office fund from CPPIB, Lendlease

Singapore's sovereign wealth fund GIC Pte. Ltd. will buy a 25.1% stake in Lendlease International Towers Sydney Trust from Canada Pension Plan Investment Board and LendLease Group.

GIC did not disclose financial terms of the transaction in its Aug. 19 press release.

IPE Real Assets reported that GIC paid just over A$1 billion in total to acquire 14% and 11.1% stakes in the A$4.3 billion Sydney office fund from Canada Pension Plan Investment Board and Lendlease, respectively. Lendlease International Towers Sydney Trust owns International Tower Two and International Tower Three, among other assets, the publication noted.

The transaction is subject to regulatory approval and expected to close in the third quarter.