SINGAPORE (Sept 9): The Straits Trading Company is acquiring a parcel of land in Adelaide, Australia, for A$7.6 million ($7.2 million).
According to an SGX filing on Monday, the 37,970 sqm property, located near the Adelaide Central Business District, will be developed into a mixed-use office and warehouse facility spanning 14,719 sqm. The property has also secured a pre-commitment from a blue-chip tenant on a long term lease.
The total development cost will be A$44.3 million, inclusive of the consideration amount. The development is targeted for completion by the end of 4Q20.
According to Straits Trading, this acquisition marks the continuous expansion of its logistics portfolio, following the acquisition of five logistics properties across Australia in September last year.
See: Straits Trading to acquire portfolio of Australian logistics properties for $39.3 mil
Straits Trading says that the cost will be satisfied by a combination of internal funds and bank borrowings.
Shares in Straits Trading closed flat at $2.15 on Monday prior to the announcement.
