GIC Takes a slice of Barangaroo Towers

25 August 2019

GIC has paid over $1.0bn for a 25.1% slice of Barangaroo Towers Two and Three from the Canada Pension Plan Investment Board and Lendlease Group.


The Lendlease International Towers Sydney Trust was established in 2012 and is valued at A$4.3 billion (S$4 billion), according to Lendlease's website.


The towers were developed and constructed by Lendlease to a Premium grade standard and have changed the shape of the city. Tower Two is a 89,200 square metre premium grade office tower, with 41 levels.


Tower Three is a Premium grade, 38-level office tower of 82,000 square metres sources say that Lendlease will sell off an 11.1% interest in the trust and the Canadian group will sell a 14% stake, however The Lend Lease annual report notes that the sale (which occurred pre-30th June) generated $334M to Lend Lease and that it still held a 6.2% interest in Lendlease International Towers Sydney Trust with a further 2.3% yet to be transferred as part of the deal.