SINGAPORE (July 4): Luxury watch retailer The Hour Glass announced Thursday that its Australian subsidiary has entered into a sale and purchase agreement to acquire a freehold building at 190 Edward Street in Brisbane for A$32.0 million ($30.3 million).
The proposed acquisition will be funded via internal resources and bank borrowings.
The property is an eight-storey retail and commercial office building, which sits on a site area of approximating 455 sqm.
Located within the main luxury retail precinct in the heart of Brisbane’s central business district, it has a gross lettable area of 2,521 sqm.
The Hour Glass says the proposed acquisition will strengthen the group’s retail footprint in Australia.
Shares in The Hour Glass closed 3 cents higher, or up 3.8%, at 82.5 cents on Thursday.
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