Wing Tai, Abacus Property acquire Australian office building for A$95.4m

PROPERTY and lifestyle group Wing Tai Holdings has teamed up with Australia's Abacus Property Group to acquire an office building in Melbourne for A$95.38 million (S$97.2 million), according to a regulatory filing on Tuesday.

This acquisition was made through Wingspring Trust, established by Wing Tai subsidiary Wingspring Investment, along with Abacus 464 St Kilda Road Trust, an Abacus subsidiary.

Both parties entered a contract of sale with the Victorian Automobile Chamber of Commerce to acquire 464 St Kilda Road, Melbourne as tenants in common in equal shares.

The property is an office building with car parking spaces on site and at a neighbouring property. Expected to be completed by the end of May 2018, the acquisition is carried out in the ordinary course of the group's business, Wing Tai said.