Singaporean real estate company Hiap Hoe is acquiring the Aloft Perth hotel and an office building for A$100 million ($71.9 million) from BAAC, an affiliate of BGC Australia, a manufacturing, building and construction company.
The property presents a prime investment opportunity with high occupancy levels and a diverse mix of blue-chip tenants. The property provided the opportunity to increase the company’s recurrent income streams.
The property is located at 25 to 27 Rowe Avenue, Rivervale, Western Australia. The hotel is managed by Starwood Australia Hotels, while the office building has 0,569 square meters of net lettable area. It is located along the Great Eastern Highway corridor close to several blue-chip companies.
Hiap Hoe has already paid $7.9 million 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.