Jonathan Chancellor | 20 February 2013

Singapore's Bright Ruby seeks out more Sydney office acquistions

Asian investment house Bright Ruby is reportedly eying an office tower purchase in Sydney’s central business district.

It has approached the owners of 420 George Street, seeking to acquire the $500 million office component of the premium development.

The Australian Financial Review says the owners of the complex, Fortius Funds Management (75%) andLend Lease’s APPF investment unit (25%) have not formally offered 31-level tower to the market.

Comprising 37,733 square metres of A Grade office space, it tenants include State Street and AECOM.

It was Sydney CBD’s first five-star Green Star Design v2 office building.

Last year, the co-owners appeared to be ready to bring 420 George Street and MidCity shopping centre to market in one line, which could have reaped them $700 million, the AFR reported.

The Singapore-domiciled Bright Ruby has been chasing major Sydney office towers showing interest in the half share of the MLC Centre that GPT Group offered to the market in 2011.

Bright Ruby’s initial foray was the $62.5 million purchase of 10 Barrack Street in the Sydney from BlackRock.

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