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UOL and its subsidiary Singapore Land Group Limited (SingLand), through a 20:80 joint venture, completed the acquisition of a 50% stake in 388 George Street in Sydney, Australia, for A$460 million (S$390 million)*.

The stake was acquired from Brookfield, marking the Group’s first foray into Sydney’s Central Business District (CBD) with a prime commercial asset. UOL and SingLand now co-own the asset alongside Investa Gateway Offices fund (IGO) partners, Oxford Properties Group and Link Asset Management.

UOL Chief Investment Officer Shirley Ng said: “This acquisition underscores the Group’s commitment to securing high-quality assets in key overseas markets. We see great potential in this freehold commercial building as Sydney’s CBD is the heart of the city’s business and cultural activities. 388 George Street aligns with our strategy to expand our presence in Australia and strengthen recurring income streams, positioning the Group for sustained growth.”

Located on the corner of George and King Streets in the heart of Sydney’s CBD, the 30-storey freehold Grade A commercial building underwent a A$200 million refurbishment in 2020. It features a range of amenities including end-of-trip facilities, an on-site café, retail shops, and a rooftop restaurant and bar.

388 George Street comprises 37,444 sqm of premium office space and 3,654 sqm of retail space. It is fully leased to various high-quality tenants, including Cartier’s Australian flagship store.

* At exchange rate of S$1.00: A$1.18 and subject to adjustments