LUXURY watch retailer The Hour Glass announced Wednesday (Jun 1) that wholly owned subsidiary The Hour Glass (Australia) has entered into a sale-and-purchase agreement to acquire a freehold property in Brisbane for A$82.2 million (S$81.4 million).

Occupying a site of about 1,521 square metres (sq m), the 2-storey retail and office building has a total net lettable area of 2,030 sq m.

The property is at the junction of Edward Street and Elizabeth Street, which is within the main luxury retail precinct in Brisbane’s central business district.

In a bourse filing, The Hour Glass said the acquisition is in line with its strategy of owning properties in prime locations in selected cities.

The group will fund the acquisition through internal resources and bank borrowings.

Shares of The Hour Glass closed 0.8 per cent or S$0.02 higher at S$2.39 on Wednesday before the announcement.

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