Wing Tai unit acquires remaining 50% interest in Melbourne properties for A$49.4m

WING Tai Holdings W05 on Thursday (Mar 31) announced that its unit has bought the remaining 50 per cent interest in its freehold properties in Melbourne, Australia for A$49.4 million (S$50.1 million).

The properties are 464-466 St Kilda Road and units 112-218, 23 of Brooklands Car Park on Queens Road.

In 2018, Wingspring Trust, a subsidiary of Wingspring Investment, had jointly acquired them with Abacus 464 St Kilda Road Trust for A$95.4 million as tenants in common in equal shares.

But after the acquisition was completed on Thursday, Wingspring Trust has become the sole owner of the property, Wing Tai said in a bourse filing.

The consideration for the acquisition, which was paid in cash, was arrived at on a willing-buyer and willing-seller basis, it, meanwhile, declared.

Wing Tai added that the acquisition is carried out in the ordinary course of business and is not expected to have a material impact on the group's net asset value.

Shares of Wing Tai closed down 1.1 per cent or S$0.02 at S$1.79 on Thursday before the announcement.