$900 million stake in Alan Bond’s Chifley Tower up for grabs

Singaporean sovereign wealth fund GIC is looking to sell a 50 per cent share in Chifley Tower, one of Sydney’s most recognisable skyscrapers, with a $900 million price tag.

GIC currently owns the 53-storey tower developed by the late entrepreneur Alan Bond, whose Bond Corporation bought the original site for $306 million in 1988.

The stake is expected to sell into a highly competitive field of buyers with Sydney’s heated commercial office tower market being driven by historical low vacancy rates and plenty of low-cost funding from superannuation funds and offshore investors looking for trophy real estate.

Article source: https://www.afr.com/real-estate/stake-in-alan-bonds-chifley-tower-up-for-grabs-for-900-million-20180829-h14oqv

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