Suntec Buys Adelaide Office Property

News about Suntec REIT

Suntec REIT has announced the purchase of an office building in Adelaide, Australia. Located at 55 Currie Street, the trust will pay A$148.3 million for a 100% stake in the freehold grade-A property, built in 1988.

The asset has 91.6% committed occupancy, 4.4 year WALE and is expected to provide an 8% yield and as such be DPU accretive. Funding will be provided through a private placement of new equity.

Suntec REIT
Price1.910 SGD
NAV2.092 SGD
Yield (4 quarters)5.21%
Gearing38.6%