In a couple of real estate developments from Singapore-listed firms in Australia, A-Reit has announced the acquisition of a logistics facility while Chiwayland has been awarded a land parcel and Hiap Hoe has divested a property in the island continent.
A-REIT to buy logistics facility in Sydney for $55.5m
Ascendas Funds Management (S) Ltd, the manager of Ascendas Real Estate Investment Trust (A-REIT), has announced the acquisition of a logistics facility in Sydney for A$76.6 million ($55.5 million) from Deka Australia One GmbH.
This marks its 10th logistics facility in Sydney and its 27th in Australia. The property is freehold land, long weighted average lease expiry (WALE) of 6.1 years and triple net leases, it said, in a release.
Its current tenants are two government-related entities, Australia Post and New South Wales Police. Australia Post has subleased the space to retailer, Target, which uses it as its major distribution facility.
During the quarter, A-REIT has announced a total acquisition of about S$1.6-billion worth of properties in Australia (S$1.15 billion) and Singapore (S$439 million). “This is in line with our strategy to enhance and diversify A-REIT’s portfolio with good quality and well-located properties,” A-Reit CEO Tan Ser Ping said, in a release.
The acquisition is expected to complete in the first quarter of 2016, subject to receipt of Australian Foreign Investment Review Board clearance.
Chiwayland wins land tender for $13.4m
Chiwayland International Ltd has said its Australian subsidiary has been awarded the tender for a land parcel located in Sydney for a purchase price of AU$18.6 million ($13.4 million).
The land parcel, spread across 2,980 square metre, will be developed into residential units, according to its filing to the stock exchange.
The group will finance the purchase through internal resources and borrowings.
Hiap Hoe sells property for $84.3m
Hiap Hoe Ltd has said it has sold its property in Melbourne for a consideration of AU$110.46 million ($84.3 million) to ISPT Pty Ltd.
The freehold asset is located at 206, Bourke Street in Melbourne.
The deal, which will be completed in January 2016, was through Hiap Hoe subsidiary Meteorite Property (Bourke Street) Pty Ltd, according to its filing with the stock exchange.