Corporate digest

Suntec Reit

SUNTEC Reit announced on Monday that its office development, Olderfleet, at 477 Collins Street in Melbourne, Australia, received practical completion on July 31, 2020. Suntec Reit co-owns the development with Australian property firm Mirvac.

With income commencement from this month, the development will enhance the Reit's income and improve its earnings and distribution to unitholders, with the long weighted average lease expiry of about 11 years and annual rental escalations of between 3.5 per cent and 4 per cent.