SC Capital Partners, the Singapore-based real estate fund manager, has acquired an office asset located in North Sydney central business district for about A$127 million ($82.5 million) from a German fund managed by BlackRock.
According to an IPE report, SC Capital Partners acquired, through its SCORE+ fund, the office building at 2 Elizabeth Plaza from Asien Spezialfonds fund, a vehicle set up by BlackRock.
SCORE+ invests in core and core-plus direct property assets in the gateway cities of Asia Pacific. The fund’s strategy focuses on acquiring well-located and stable, income-generating assets.
The BlackRock fund acquired 2 Elizabeth Plaza building for A$81 million ($52.7 million) from Sydney-based real estate firm Marprop Real Estate Partners in 2017.
The office property is a 14-storey building completed in 1990, with a two-storey 1870 sandstone facade to Mount Street. The building, which has a net lettable area of 7,713 sqm, comprises 12 levels of office space, ground and mezzanine level retail space and four basement levels of parking for 157 vehicles.
The acquisition followed SC Capital Partners’s purchase of Two Wentworth Street, an office tower in Parramatta’s central business district, for A$105.3 million (nearly $72 million) in December.
Two Wentworth comprises a Grade A office tower with a net leasable area of over 10,000 square metres, which is fully leased, predominantly to government tenants. It is located close to Parramatta Square, Parramatta Transport Interchange and Westfield Parramatta shopping centre.
As of last year, SC Capital Partners manages $7.6 billion of assets across five discretionary, closed-end opportunistic funds, the SCORE+ Fund, and two listed REITs. The firm has invested more than $2.3 billion in equity and over $4.4 billion in total capital across 84 transactions since its inception in 2004.
The firm made a final close its fifth discretionary real estate private equity fund – Real Estate Capital Partners (RECAP V) – at $850 million. RECAP V, a fund that started raising capital in August 2017, was earlier targeting a $1 billion vehicle that it planned to close by the end of last year.