Shimao Properties Acquires Sydney Tower

[  Sydney, AUSTRALIA  ]

Chinese real estate developer Shimao Property Holdings has acquired a downtown Sydney office tower, at 175 Liverpool Street, for over USD $339 million.

The property was acquired from GIC, Singapore’s sovereign wealth fund. Local press reports cite the large demand among Chinese buyers and escalated property prices at this time, as indicating to GIC a good time to sell. GIC had owned the building since 1997.

GIC had put the building up for sale during May of this year as demand for Australian assets by Mainland buyers began to rise rapidly.