GIC buys 25.1% stake in Lendlease's Sydney unit

The transaction is expected to fully close in Q3.

Singapore's sovereign wealth fund GIC will acquire a 25.1% stake in Lendlease International Towers Sydney Trust (LLITST) from Canada Pension Plan Investment Board and Lendlease, an announcement revealed.

Counting premium grade office towers in its portfolio, LLITST holds assets located in the Barangaroo Office Precinct in the Sydney Central Business District (CBD). The transaction is subject to regulatory approval and expected to fully close in Q3.

The announcement comes after GIC divested an undisclosed stake in a $1.67b Sydney office property Chifley Tower. It was sold to Australian property investment group Charter Hall through a joint venture agreement.

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