Straits Trading invests A$119m in Sydney office building

A UNIT of The Straits Trading Company Limited is investing about A$119.0 million (about S$123 million) for a share of an office building located at 320 Pitt Street in Sydney, the group announced on Tuesday.

The diversified investment company with interests in real estate, hospitality and resources said the acquisition is in line with its strategy of redeploying capital from its existing property portfolio of high quality, but low yielding investment properties into potentially higher return real estate opportunities via its subsidiary, Straits Real Estate Pte Ltd.

Strategically situated between various transport nodes, the 32-storey office building with a total net lettable area of 29,159 square metres is within walking distance from Central Rail Station, the upcoming George Street light rail system and Pitt Street Metro station.

The acquisition is however, conditional upon the satisfactory due diligence of the property and Australia Foreign Investment Review Board approval, among others.