SingLand-UOL JV buys 50% of Sydney’s 388 George Street for A$460m

The asset is fully leased.

The joint venture (JV) of Singapore Land and UOL Group Limited acquired a 50% stake in 388 George Street in Sydney, Australia for A$460m ($404.6m). 

The joint venture 388GSSP is 80% owned by SingLand's wholly-owned subsidiary, SingLand Commercial (AUS), and 20% owned by UOL's unit, UOL Overseas Development.

In a bourse filing, SingLand said its joint venture with UOL will enable it to "mitigate risks and take on more projects to diversify its property portfolio."

388 George Street, a 30-storey A-grade commercial building, features two basement levels for parking and a five-storey retail and commercial podium. 

The building is fully leased, including Cartier's Australian flagship store. It boasts a weighted average lease expiry by income of 6.2 years, a net lettable area of 41,098 sqm, and a site area of 3,353 sqm.