The Hour Glass unit to buy Melbourne office building for A$68 million
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Sharanya Pillai
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THE Australian unit of The Hour Glass has entered an agreement to acquire a freehold property located at 139 Collins Street in Melbourne, Australia, the mainboard-listed company announced in a bourse filing on Friday night.
The property is a four-storey retail and commercial office building, with a basement carpark, occupying a site area of about 563 sq m. The seller is a company called Jarema.
Located in Melbourne's luxury retail precinct, the building has a gross lettable area of 2,494 sq m. A retail tenant occupies the ground and first floors, while other tenants are occupying two levels of commercial offices.
The Hour Glass said that the A$68 million (S$67.4 million) purchase will complement its commercial properties in the region. It will fund the purchase with internal resources and bank borrowings. The transaction is subject to the approval from Australia's Foreign Investment Review Board.
Shares of The Hour Glass closed at S$0.77 on Friday, up 1.32 per cent.
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