LLITST holds a 100% per cent interest two commercial towers: International Towers Sydney – Tower Two and International Towers Sydney – Tower Three.
The properties are highly-accessible premium grade office towers, with close proximity to Darling Harbour and extensive amenities.
LLITST also holds a 100% interest in Australia's first engineered timber office, International House Sydney at Barangaroo South, and the Towns Place Car Park.
While GIC did not reveal how much it is forking out for the 25.1% stake, LLITST is valued at A$4.3 billion ($4 billion), according to Landlease’s website.
“These high-quality assets, situated in the heart of Sydney’s CBD, are expected to generate attractive risk-adjusted returns in the long run. As a long-term investor, we will continue to seek good investment opportunities that will add value to our global portfolio,” says Lee Kok Sun, chief investment officer of GIC Real Estate.
The transaction is subject to regulatory approval and expected to fully close in 3Q19.
