SINGAPORE (July 7): Property group Roxy-Pacific Holdings has entered into a sale and purchase agreement to acquire a property located at 350 Queen Street in Melbourne, Australia for a consideration of A$145 million ($140.7 million) on Tuesday.
Roxy-Pacific’s indirect subsidiary, Roxy Australia Capital bought a 40% stake in TERoxy Commercial Trust I, a Singapore master trust at a committed capital of A$27.2 million based on an agreed projected capital contributions schedule.
The 60% interest is held by TE2 Group, the private family office of Mr. Teo Tong Lim, Tong Eng Group’s Managing Director.
TE-Roxy Commercial Trust I will, in turn, wholly-own TECT I, a Singapore subdiary. TE-Roxy Commercial Trust I, together with TECT I, will wholly-own TE Australian Trust I, an Australian head trust, and TE Skyhigh Trust, an Australian sub-trust. TE Australian Trust I, and TE Skyhigh Trust will be collectively known as The Trust Group.
Roxy Australia Capital Pte Ltd will enter into an agreement with TE2 Group, in order to govern the rights and obligations of each of the investors in relation to the units in the Trust Group.
TE Skyhigh Trust will purchase the Queen Street property as the acquiring entity.
The freehold property, situated in Melbourne’s central business district (CBD) comprises a commercial tower with offices, retail offerings and community amenities.
It has a total site area of 1,787 sqm, and a net lettable area (NLA) of 21,914 sqm.
The acquisition of the property will be financed by internal funds and bank financing taken out by the Trust Group.
As at 3.36pm, shares in Roxy-Pacific are changing hands flat at 34.5 cents.
