Canberra gives go-ahead for China Investment Corporation to buy bigger stake in Sydney’s iconic Grosvenor Place tower

Canberra has approved the acquisition of an additional stake in Grosvenor Place, an iconic Sydney office building, by China’s sovereign wealth fund.China Investment Corporation (CIC) agreed to buy the stake for A$925 million (US$696 million) in November last year, but had to wait for approval from Australia’s Foreign Investment Review Board (FIRB). The approval means CIC will own 75 per cent of the 44-storey building.The go-ahead, reported by The Australian, comes as a surprise amid heightened…

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