CapitaLand Investment Limited (CLI) has acquired a freehold office tower in the Western Core of Melbourne's Central Business District for its regional core-plus fund, CapitaLand Open End Real Estate Fund (COREF). The acquisition marks CLI's fifth investment in Australia within six months. This is COREF's first acquisition in Australia, and its fourth in Asia Pacific with total investment amounting to approximately $900 million since the fund's establishment in August 2021.

The 22-storey office building, 120 Spencer Street, has a net lettable area of 32,000 square metres (sqm). The property is strategically located opposite the Southern Cross Station, a major public transport hub that connects to the wider Melbourne region, with intra-city tram lines at its doorstep. It also benefits from the recent revitalisation of the Western Core, led by the development of the Docklands precinct, the addition of new premium grade office towers, refurbishment of existing assets and migration of tenants, including many prominent occupiers, to the precinct.