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Sim Lian buys Perth office complex for A$72.8m
PROPERTY developer Sim Lian is acquiring an office complex in Perth for A$72.8 million (S$76 million).
The property, located in the suburb of Victoria Park, is a freehold A grade office commercial complex. It has two office buildings (11,409 square metres) with ground floor retail units (1,404 square metres) , giving it a total lettable area of about 12,813 square metres. The complex also has a four-storey carpark with 339 parking lots.
Situated about 4km east of the Perth CBD, the office complex is sited on the southwestern side of Albany Highway. A bus interchange directly opposite the complex provides direct access to the Perth central business district and allows commuters to transfer to other CBD train stations.
Sim Lian is acquiring the property through a newly constituted sub-trust SLG 59 Albany Trust, and will fund the acquisition through both internal funds and bank borrowings. The firm says the acquisition will not have any material impact on its earnings and net tangible assets for the current financial year.
Sim Lian closed trading at S$0.865 on Tuesday.