<article>SGX-listed real estate group Hiap Hoe is acquiring the Aloft Perth hotel and an office building for $71.9 million (A$100 million) from BAAC, an affiliate of BGC Australia, a manufacturing, building and construction company.</article>

SGX-listed real estate group Hiap Hoe is acquiring the Aloft Perth hotel and an office building for $71.9 million (A$100 million) from BAAC, an affiliate of BGC Australia, a manufacturing, building and construction company.
According to an official statement, the property presents a &#8220;prime investment opportunity with high occupancy levels and a diverse mix of blue-chip tenants.&#8221; It also added that the property provided the opportunity to increase the company&#8217;s recurrent income streams.
The property is located at 25-27 Rowe Avenue, Rivervale, Western Australia. The hotel is managed by Starwood Australia Hotels, while the office building has 0,569 sq m of net lettable area. It is located along the Great Eastern Highway corridor close to several blue-chip companies. It also sits equally between Perth central business district and Perth Airport.
Hiap Hoe has already paid $7.9 million (A$11 million) on November 1, and will pay the remaining through a combination of internal resources and debt. The completion of the acquisition is still subject to relevant approvals and agreements from the regulatory authorities of Australia, including the Foreign Investment Review Board of Australia.
Last month, <a href="https://www.dealstreetasia.com/stories/singapores-gic-set-to-acquire-premium-perth-tower-for-228m-report-109149/">Singapore&#8217;s sovereign wealth fund, GIC reportedly submitted a $228 million (A$320 million) bid to acquire Exchange Tower</a>, a premium-grade property in Perth.
If successful, the deal between GIC and its joint owners&#8217; AMP Capital and Primewest will make it the highest-profile commercial property transaction in Perth this year.

Real estate group Hiap Hoe acquiring Aloft Perth hotel and an office building for $71.9 million from BAAC, an affiliate of BGC Australia.

SGX-listed Hiap Hoe acquires Perth hotel, office building for $72m

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SGX-listed Hiap Hoe acquires Perth hotel, office building for $72m

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