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.