News about Suntec REIT —
Suntec REIT is busy tweaking its portfolio with the announcement of both:
- The sale of about 7,292 m² of strata office units in his flagship property, Suntec City. Representing roughly 1.9% of the share value of the entire property, it is sold for S$197 million, or about 8.9% above independent valuation.
- The acquisition of a British grade-A office, The Minster Building in the City of London. The 999-year leasehold property will be taken over for £353 millions (about S$667 million), and comes with a 96.7% occupancy and long WALE of 12.3 years.
The management expects the operation to be both DPU accretive by 3.6% and NAV accretive by 0.7%.