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Report: Singapore's GIC in talks for A$330M tower purchase in Perth, Australia

Singaporean wealth fund GIC Pte. Ltd. is believed to be in discussions with AMP Capital and Primewest to buy the Exchange Tower in Perth, Australia, under a deal that values the property close to A$330 million, The Australian reported.

If pursued, the deal that reflects a capitalization rate of approximately 6.5% would mark one of the city's largest commercial property divestment, according to the Oct. 17 report.

Marketing agents Cushman and Wakefield and JLL declined to provide comments to the publication on the reported negotiations.

The 34,479-square-meter, 40-story property located at 2 The Esplanade was over 90%-leased to tenants including Patersons, Morgan Stanley, Bell Potter, Allen & Overy, Bain International, Mitsubishi Australia, Mitsui, RSM, Azure Capital, Arup and Knight Frank. It was first put on the block in July with expectations of a price tag amounting to almost A$350 million.