Singapore's GIC adds Exchange Tower to Australian portfolio

Singapore’s GIC Real Estate has made its second major Perth commercial property purchase, acquiring A-grade office building Exchange Tower from joint owners Primewest and AMP Capital for $326 million.

Business News understands GIC, which has a mandate to acquire high-quality commercial assets, had been eying Perth’s office market for several years, before it linked up with Primewest to purchase the 21-level Quadrant at 1 William Street in October last year for $175 million.

GIC also mandated Primewest to work on its behalf to purchase the Exchange Tower, via its Primewest Cyclical Office Trust.

The 40-level Exchange Tower has been progressively redeveloped since Primewest bought its half-stake in 2013 for $113 million, with the works program key to attracting a raft of new tenants, including RSM Australia, which acquired signage rights to the building shortly after shifting there in late 2017.

The deal was brokered jointly by commercial agencies JLL and Cushman & Wakefield.

JLL managing director John Williams said he was unable to comment on the transaction.