UOL unit inks agreement to acquire Sydney property for A$154.52m

UOL Group, via its indirect wholly-owned subsidiary Success Venture (CS), has entered into a sale and purchase agreement to acquire a freehold property in Sydney for around A$154.52 million (S$152.72 million).

The property, located at 72 Christie Street, sits on a site area of about 2,815 square metres (sq m), with a net lettable area of around 11,259 sq m. The eight-storey office building, which has a four-storey basement for parking, is 100 per cent tenanted with the lease expiring in 2028.

CS entered into the agreement with Proprium Capital Partners (Australia) as trustee for the Linford Hold Trust.

The acquisition will be financed by internal resources and external borrowings, and is in line with the group's plan to diversify its presence in Australia and to strengthen recurring income streams, said UOL.

The counter closed at S$6.23 on Thursday, down four cents.