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Straits Trading subsidiary acquires Perth property through JV for A$54.2m

THE Straits Trading Company announced on Thursday that its indirect subsidiary entered into a sale-and-purchase agreement to acquire an office building in Perth, Australia for approximately A$54.2 million (S$55.4 million).

Its subsidiary - Straits Real Estate - purchased 45 St Georges Terrace through a joint venture with indirect subsidiary 45SGT Unit Trust and St Georges Terrace Real Estate Netherlands.

The property is an 11-storey office building with two basement levels located in the main commercial thoroughfare of the Perth Central Business District, the group said in a filing with the Singapore Exchange after the market closed.

The purchase, which will be funded by internal resources and bank borrowings, comes as part of Straits Trading's strategy of redeploying capital from low-yielding investment properties to potentially higher return real estate opportunities through Straits Real Estate.

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Straits Trading shares ended flat at S$2.35 on Thursday.