SC Capital purchases Sydney-based office tower for $72m

A view of Parramatta. Photo: Pixabay

Singapore-based real estate fund manager SC Capital Partners has reached an agreement to acquire Two Wentworth Street, an office tower in Parramatta’s central business district, for A$105.3 million (nearly $72 million).

It has acquired the office tower through its SCORE+ fund, which invests in core and core-plus direct property assets in the gateway cities of Asia Pacific.

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.

The office tower is located within Sydney’s second-largest employment destination with strong occupier demand, SC Capital Partners said in a statement.

The purchase is consistent with SCORE+ Fund’s strategy of “acquiring well-located and stable, income-generating assets,” said Suchad Chiaranussati, chairman and founder of SC Capital Partners.

The fund manager said it expects market fundamentals to remain strong as the local government plans to establish Parramatta as a ‘priority growth area’ and has earmarked over A$10 billion for public and private investments. The Greater Parramatta area is hoped to house more than 50 per cent of Sydney’s population within the next 20 years.

The transaction follows a spate of investments in the Australia market by the firm, including a recent A$174.5 million acquisition of three retail assets in central Sydney, and the A$62 million acquisition of Finlay Crisp in Canberra. It is also developing an A$750-million hotel in Sydney, which is slated for completion by 2022.

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.