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ASCENDAS-Singbridge on Thursday said it has completed the acquisition of 100 Arthur Street in North Sydney, Australia, for an undisclosed sum.
The A-Grade commercial building, also known as Innovation Place, was bought from a privately-held company called Townwood.
To be renamed Ascendas Innovation Place, the property is held by a vehicle set up for a fund which invests in core office real estate in the gateway cities of Singapore, Australia, South Korea and Japan.
The acquisition marks Ascendas-Singbridge's first foray into the commercial office sector in Australia, and builds on the group's portfolio in the market following the acquisition of 27 logistics properties by Ascendas Reit last year.
With this addition, Ascendas-Singbridge brings its assets under management (AUM) in Australia to about S$2 billion.
Located on the eastern edge of the North Sydney central business district (CBD), Ascendas Innovation Place is a five-minute drive across the Sydney Harbour Bridge to the Sydney Central CBD.
The 20-storey commercial office tower also offers views of the Sydney Opera House and Harbour Bridge. Since its completion in 2007, the property has enjoyed strong occupancy from high quality tenants.
Comprising a net lettable area of 27,395 square metres, it is fully leased to a mix of Commonwealth government tenants, ASX-listed, NYSE-listed and privately owned companies with strong covenants, the group said.