SINGAPORE - Mainboard-listed property developer Roxy-Pacific Holdings and the private family office of Teo Tong Lim have joined hands to potentially acquire a 21-storey Melbourne office building for A$145 million .
TE-Roxy will hold the entire interest in a Singapore company TECT I. In turn, TE-Roxy and TECT I will together wholly own Australian head trust TE Australian Trust I as well as Australian sub-trust TE Skyhigh Trust. A sale and purchase agreement to buy the property for A$145 million, not including stamp duty and due diligence costs, has been signed, Roxy-Pacific said.
The Australian Financial Review reported on Tuesday morning that the acquisition was agreed on an initial yield of 4.8 per cent, which is considered a relatively tight yield for a B-grade building in a market with increased leasing risk amid the coronavirus pandemic.
Property Property Latest News, Property Property Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Source: BusinessTimes - 🏆 15. / 51 Read more »