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JV Acquires Stake in Melbourne Tower for $398M

  • Region:

    Melbourne, Australia

  • Sector:

    Real Estate

  • Deal Size:

    $398 million

  • Buy Side Company:

  • Sell Side Company:

    Dexus Property Group
  • Target Company:

A skyscraper that was once the tallest office tower in the Southern Hemisphere has gotten some new investors. A joint venture of Dexus and Singapore’s sovereign wealth fund GIC has purchased a 50 percent stake in Rialto Towers in Melbourne, Australia for $398 million (AUD 644 million). The off-market transaction is expected to close in May 2020. GIC will hold a 90 percent share in the joint venture, while Dexus will control the remaining 10 percent. Dexus will also be the investment manager of the joint venture as well as the manager of Rialto Towers.