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The Hour Glass to acquire freehold Australia property for A$32m

THE Hour Glass's Australian subsidiary has entered into a sale-and-purchase agreement with 190 Edward St (as trustee for BAMPS Trust) to acquire a freehold property in Brisbane, Australia for A$32 million (S$30.5 million).

The property is an eight-storey retail and commercial office building sitting on a site area of approximately 455 square metres (sq m) within the main luxury retail precinct in Brisbane's central business district. It has a gross lettable area of 2,521 sq m (approximately 27,136 sq ft). A retail tenant occupies the ground floor of the property, which also has seven levels of commercial offices with multiple tenant layouts.The purchase will be funded by internal resources and bank borrowings, the company said. A deposit of A$3.2 million has been paid, while the balance will be paid upon the completion of the sale and purchase of the property, which are expected to be completed this month.

The Hour Glass said: "The acquisition is consistent with the group's preferred business model of operating within its directly-owned property assets. Identifying and acquiring prime luxury retail premises in choice locations where the group operates provide security of tenure."

It added that the property will further strengthen the group's retail footprint in Australia.