South Korea’s National Pension Fund has reportedly purchased Aurora Place located at 88 Phillip Street in Sydney for $685 million from the unlisted Commonwealth Property Investment Trust.

Aurora Place is the largest property to change hands in Australia since the financial crisis hit in 2008. The price reflects an initial yield of 6.6% with rents reportedly being close to market levels at about $880 per square metre on a net face basis. The 41-level tower comprises of 34 levels of office space and was completed in November 2000.

The tower has a net lettable area of 47,827 square metres equating to a sale price of $14,322 per square metre.

The National Pension Fund said Australia was showing one of the fastest paces of economic recovery compared with other key developed nations.