Wing Tai acquires Melbourne property for A$28 million

PROPERTY group Wing Tai Holdings said its wholly owned subsidiary, Wincrown, has acquired a property in Melbourne, Australia, for A$28 million (S$24.7 million).

The property – 11-27 Tavistock Place, Melbourne, Victoria 3000 – is a substation site located in the Melbourne central business district.

In a bourse filing on Monday (Dec 11), the company said it entered into a contract of sale with Australian energy supplier CitiPower to purchase the property, and the acquisition was completed on Dec 11.

According to a LinkedIn post on Oct 19 by Daniel Wolman, international director and co-head of investment sales at Cushman & Wakefield, the property was sold to a major offshore investor that week.

Wing Tai said the acquisition was carried out in the ordinary course of business and is not expected to have a material impact on its net asset value per share.

Shares of Wing Tai closed 0.8 per cent or S$0.01 higher at S$1.32 on Monday, before the announcement.