Straits Trading buys stake in Sydney office building for A$119m

Singapore

A UNIT of The Straits Trading Company Limited is acquiring a stake in an office building in Sydney, Australia, in line with its capital redeployment strategy, the group announced on Tuesday.

The diversified investment company with interests in real estate, hospitality and resources is investing about A$119.0 million (about S$122.7 million) for a share of the property located at 320 Pitt Street through its subsidiary Straits Real Estate, and will be funded by internal resources and bank borrowings.