Raffles Education plans to sell Australia property for A$82m

RAFFLES Education has entered into a heads of agreement with Australia's Propertylink for the planned sale of its entire freehold interest in a six-storey commercial building at 1-3 Fitzwilliam Street, Parramatta, in Australia's New South Wales.

The sale consideration is A$82 million (S$83.6 million) and a definitive agreement has not been reached.

The property is currently being leased out to Raffles Education's subsidiary, Raffles College.

Propertylink will benefit from an income support arrangement for a period of 12 months from the sale date in respect of the vacancy on level 3 of the property at a rate of A$440 per square metre (net).

The income support will cease upon commencement of any lease of the vacant space, if certain specified conditions are met.