<article>Singapore&#8217;s sovereign wealth fund <a href="https://www.dealstreetasia.com/?s=GIC">GIC</a> is looking to sell a 50-per cent stake in <a href="https://www.dealstreetasia.com/?s=Chifley%20Tower">Chifley Tower</a>, a 53-storey Sydney office skyscraper. for A$900 million (about $650 million), according to an <a href="https://www.afr.com/real-estate/stake-in-alan-bonds-chifley-tower-up-for-grabs-for-900-million-20180829-h14oqv">AFR</a> report.</article>

Singapore&#8217;s sovereign wealth fund <a href="https://www.dealstreetasia.com/?s=GIC">GIC</a> is looking to sell a 50-per cent stake in <a href="https://www.dealstreetasia.com/?s=Chifley%20Tower">Chifley Tower</a>, a 53-storey Sydney office skyscraper. for A$900 million (about $650 million), according to an <a href="https://www.afr.com/real-estate/stake-in-alan-bonds-chifley-tower-up-for-grabs-for-900-million-20180829-h14oqv">AFR</a> report.
The sale comes 13 years after GIC partnered with <a href="https://www.dealstreetasia.com/?s=Morgan%20Stanley Real Estate Investing">Morgan Stanley Real Estate Investing</a> to acquire Chifley Tower in 2005 for about A$710 million ($512 million).
GIC has appointed <a href="https://www.dealstreetasia.com/?s=JLL">JLL</a> and <a href="https://www.dealstreetasia.com/?s=Cushman%20&amp; Wakefield">Cushman &amp; Wakefield</a> to sell the 50 per cent stake in the skyscraper, which was built in 1992 for around A$1 billion ($720 million).
The sale is expected to generate massive bids from buyers wanting to grow their portfolio in the highly competitive Sydney office market.
Early this year, global private equity giant Blackstone raised its $3.1-billion bid to acquire Invest Office Fund, a stakeholder in Deutsche Bank Place, a prime office building situated directly opposite Chifley Tower.
Chifley Tower, which stands 244-meter tall, was designed by American architecture firm <a href="https://www.dealstreetasia.com/?s=Kohn%20Pedersen Fox">Kohn Pedersen Fox</a>. The building’s well-known tenants include Snapchat, Blackrock, Morgan Stanley, and UBS.
GIC&#8217;s decision to sell a 50 per cent stake in Chifley comes after the Singapore state investor announced that it was looking to sell a large chunk of its private equity portfolio, worth about $2 billion.
GIC, which was involved in two biggest transactions in the first quarter of this year, amounting to a combined $29.6 billion, has listed a portfolio of private equity interests on the secondary market recently, according to the report.
According to a GIC report released last year, private equity accounted for about 9 per cent of the Singapore fund’s asset mix as of March 31, 2017. The fund’s private equity interests include buyouts, venture capital, mezzanine debt, distressed debt, and secondary fund investments.
In 2017, GIC, through an Australian affiliate, had acquired a pair of Sydney student blocks from Frasers Property Australia and Sekisui House Australia in a deal worth A$400 million ($302.3 million).
Early this year, China&#8217;s HNA Group Co agreed to sell a Sydney office building to Blackstone Group, in what was considered as the conglomerate&#8217;s first-ever disposal of an overseas property.
Blackstone Real Estate Partners Asia agreed to acquire the building located a 1 York Street for about $161 million.
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Singapore’s sovereign wealth fund GIC is looking to sell a 50-per cent stake in Chifley Tower, a 53-storey Sydney office skyscraper for about $650 million.

Singapore's GIC selling 50% stake in Sydney skyscraper for $650m: Report

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Singapore's GIC selling 50% stake in Sydney skyscraper for $650m: Report

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