Wing Tai Holdings announced that its Wingspring Trust is acquiring the reamining 50% interest it does not own in 464 St Kilda Road from its co-owner of the office building property Abacus 464 St Kilda Road Trust, a subsidiary of Abacus Property Group for a total consideration of A$49.4 million ($50.1 million).
Wingspring Trust is a trust held by Wing Tai’s Australian subsidiary Wingspring Investment.
To recap, Wingspring Trust together with Abacus 464 St Kilda Road Trust, acquired 464 St Kilda Road together in equal shares back in April 2018 for a total consideration of A$95.4 million.
The property is an office building which also provides for car parking spaces on site and at a neighbouring property.
Upon completion of this acquisition, Wingspring Trust will become the sole owner of the property.
Shares in Wing Tai closed 2 cents lower on March 31 at $1.79.
