Suntec REIT to acquire half of Melbourne property

Suntec REIT will acquire a 50% stake in Southgate Complex in Melbourne, Victoria for A$289 million ($299 million) through Southgate Trust. Southgate Trust is a real estate fund jointly owned by Suntec REIT and PIP Southgate Trust, with both holding equal stakes.
Southgate Complex is a freehold mixed-use property located next to the Yarra River in the Southbank arts and leisure precinct in Melbourne. The property comprises two office towers, a three-storey retail podium and parking space for 1,026 cars. It occupies a freehold site of 223,889 sq ft. As at Aug 5, the property had a committed occupancy rate of 88%.