Frasers Commercial Trust (FCOT) has entered into a conditional sale and purchase agreement with Australand Property Holdings to acquire a Melbourne commercial property worth A$222.5 million (S$232 million), its first foray in the Melbourne CBD office market. In addition, it has interest a conditional arrangement with Frasers Centrepoint (FCL) to develop a 16-story hotel in China Square Central.
The Melbourne acquisition, located at 357 Collins Street, will increase FCOT’s portfolio size by 14.2 per cent. This will give a post-money valuation of S$2 billion ($1.5 billion). This specific property asset is a 25-storey freehold office building with a total net lettable area of 31,920 square metres (sq m), which includes retail space of 1825 sq m.