Far East, Sino Land scoop up Westin Sydney for A$445.3m from GIC
Purchase takes Far East's acquisitions in Australia, including JVs, since 2013 to A$1.78b
Singapore
SINGAPORE'S Far East Organization has teamed up with its Hong Kong-listed sister company Sino Land for a A$445.33 million (S$467.72 million) acquisition of The Westin Sydney.
The two companies are taking equal stakes in the acquisition.
This takes Far East's total acquisitions in Australia (including joint ventures) since 2013 to A$1.78 billion as the Singapore property and hotel giant seeks to diversify its earnings amid the property slowdown in Singapore.
Far East and Sino Land's purchase price is said to reflect a yield in the mid-4 per cent range, based on an article in The Australian Financial Review. The deal reflects a record price per room, translating to a freehold equivalent …
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