SC Capital Partners is investing A$40m to refurbish the vacant office tower. : SC Capital Partners is investing A$40m (€25m) to refurbish a vacant Melbourne office tower it has agreed to buy for A$107m (€66m). The asset, located in St Kilda Road, is being bought on behalf of the Singapore-based manager’s Real Estate Capital Asia Partners fund series, which target undervalued, under-managed and distressed assets and special situations real estate. Suchad Chiaranussati, chairman of SC Capital, said vacancy in the St Kilda office market was below 6%, the lowest since July 2001.