North Sydney Office Tower Sold For Fund

Ascendas-Singbridge Group, a Singaporean real estate firm, has purchased 100 Arthur Street, North Sydney, for $315 million and will place it into an Asia-Pacific private office fund for which it is hoping to raise up to S$2 billion as reported by The Australian.

Altis Property Partners reportedly advised the previous owners, the Salteri family, on the sale of the building called Innovation Place.

Innovation Place is a 20-storey office building which was built by the family in 2007.

It has a net lettable area of 27,196sq m with three basement levels of car parking.

The building has office signage licensed to construction company Laing O'Rourke.

The fund which the building is placed in invests in office real estate in Singapore, Australia, Korea and Japan. The Australian reports that The Ascendas Hospitality Trust, which owns seven hotels locally, as well as hotels in Asia, is up for sale.