Suntec Reit buys freehold Grade A office building in Adelaide for A$148.3m

Singapore

SUNTEC Reit has expanded its presence in Australia with its latest acquisition of the entire stake in a freehold Grade A office building in Adelaide for A$148.3 million (S$141.4 million).

ARA Trust Management (Suntec), the manager of the real estate investment trust (Reit), said in a media statement issued on Monday that the 12-storey property has an approximate net lettable area of 282,000 square feet and a committed occupancy of 91.6 per cent with the Commonwealth Government, South Australian Government, Allianz and Data Action as the key tenants. In addition, the vendor will provide a 27-month rent guarantee for the vacant spaces. The property has a weighted average lease expiry of 4.4 years.