South Korea pension fund to buy Sydney building: report

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Reuters

South Korea's state pension fund is set to buy an office building in central Sydney for around $A685 million ($US627 million), its first foray into Australia, The Australian newspaper reported.

Without citing sources, the paper said the fund would buy the Aurora Place property from an unlisted fund managed by Colonial First State, the wealth management arm of Commonwealth Bank of Australia .

The paper said the purchase was one of a number by overseas sovereign funds in Australia's property sector, which offered stability and growth prospects as the global economy recovered.

The property consists of commercial, retail and residential space and was designed by Italian architect Renzo Piano.

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