| Chinese sovereign wealth fund China Investment Corporation (CIC) has won Investa Property Group's portfolio of nine office towers with a knockout bid of more than $2.45 billion, making it the biggest direct real estate transaction in Australia's history.
As foreshadowed by The Australian Financial Review, CIC's acquisition will show an extremely sharp initial yield of 5 per cent, which could trigger a re-rating of the office sector. An agreement was struck early Monday evening. The deal marks the finish of one part of the long-running sale of the $9 billion Investa Property Group. Handled by UBS and Morgan Stanley, it is the biggest sell-side property transaction globally so far in 2015...............................................Full Article: Source
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