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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.