The acquisition was valued at $390m.
388 Property Trust, a joint venture by $UOL (U14.SG)$ and SingLand acquired a 50% stake in 388 George Street in Sydney, Australia, for $390m (A$460m).
The acquisition brings the company's Australia portfolio to seven commercial and hospitality assets.
The 30-storey freehold Grade A commercial building was acquired from Brookfield and is the company's first commercial asset venture in Sydney's Central Business District.
UOL and SingLand will co-own the asset alongside Investa Gateway Offices fund (IGO) partners, Oxford Properties Group, and Link Asset Management.
"We see great potential in this freehold commercial building as Sydney's Central Business District 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," Shirley Ng, CIO of UOL said.
