ScotiadocBank will acquire St Georges Real Estate Group, which owns St Georges Park in Sydney’s east, for $8.8 million.

ScotiadosBank chairman Robert Kelly said the acquisition would be a significant milestone for the real estate industry and the wider community.

“This acquisition is a testament to the growth of the St George Group in Sydney and its outstanding ability to grow and prosper,” Mr Kelly said.

“We are excited to be joining forces with St Georgs and look forward to contributing to the continued growth of Sydney’s real estate market.”

The company said it would be the largest property transaction in the Sydney market in terms of land and building size.

St Georges will become the largest company in the St Georgies Group with a combined market capitalisation of $1.9 billion.

It is the second time the St Gildas Group has acquired a property in Sydney.

In August 2017, the St Gerald’s Group sold the Westfield Centre to developer Mark Johnson for $2.8 billion.

St Georges is the largest tenant in the Central Business District and is also part of the Greater Sydney Centre.