Suntec REIT (T82U.SI) has made a press release on 15 November 2013 on the acquisition of 100% interest in 177-199 Pacific Highway, a freehold land and property to be developed for A$413.19 million. This is the first overseas acquisition outside Singapore for the REIT.
Targeted to complete in early 2016, the property will be a 31-storey commercial tower, located in a prominent site in North Sydney Central Business District, at the junction of Pacific Highway and Berry Street. A 5-minutes walk from North Sydney station.
With coupon payments of 6.32% per annum payable to Suntec REIT, it will boost the REIT’s distribution income to unitholders while improving earnings for the REIT.