Singapore (SG)-based property investment firms TE Capital Partners and Roxy-Pacific Holdings have agreed to buy KTS House, an office building in Melbourne’s central business district, Australia.
The 20-storey building at 350 Queen Street and close to the Queen Victoria market comprises a commercial tower with offices, retail offerings, as well as community amenities.
TE Capital, part of Tong Eng Group, and Roxy-Pacific will pay A$145 million ($101 million) to 3L Alliance to buy the property, which occupies 21,914 square meters of office and retail net lettable area.
On completion of the acquisition, TE Capital and Roxy-Pacific will spend an additional $7 million to refurbish the B-grade building, which is currently 87 percent occupied.