Singapore-based Suntec Real Estate Investment Trust (Suntec REIT) has acquired a 12-storey Grade A office building in Adelaide, Australia.
The office building, completed in 1988, has circa 282,000 square feet in net lettable area and a basement carpark that can accommodate 95 car park bays.
Suntec REIT, via its unit ARA Trust Management (suntec) Ltd. (ARA Suntec), bought the building, which is located at 55 Currie Street, from AEP Currie for A$148.3 million ($104.4 million).
ARA Suntec said the transaction is expected to be distribution per unit accretive to unitholders with a net property income yield of around 8 percent.