Singapore’s Straits Real Estate invests S$122.7 million in an office building in Sydney
The Straits Trading Company Limited (“Straits Trading” or “the Group”), a diversified investment company with interests in real estate, hospitality and resources, announced that its subsidiary, Straits Real Estate Pte. Ltd. (“Straits Real Estate”) is investing approximately AUD119.0 million (approximately SGD122.7 million1 ) for a share of an office building located at 320 Pitt Street in Sydney, Australia (the “Property”).
320 Pitt Street is a 32-storey office building with a total net lettable area of 29,159 square metres that is strategically situated between various transport nodes. It is within walking distance from Central Rail Station, and the upcoming George Street light rail system and Pitt Street Metro station.
It is also located within close proximity to Chinatown and Pitt Street Mall, which offers ample lifestyle and food & beverage amenities. The Property was built in 1989 and underwent upgrades to the mechanical and hydraulic systems in 2010 and the lift cars in 2016.
Moreover, the Property has the potential to be repositioned as a core investment through an asset enhancement program. Mr Desmond Tang, CEO of Straits Real Estate, said “The investment in 320 Pitt Street is very much aligned with Straits Real Estate’s strategy of redeploying capital into potentially higher return real estate opportunities. We see value in this property as it gives us a healthy stream of income via the building’s existing leases.
Source: Straits Real Estate