Investment Portfolio
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Suntec City
One Raffles Quay
MBFC Properties
9 Penang Road
177 Pacific Highway
Southgate Complex
Volume:
18,663,400
High:
1.88
Low:
1.85
Change:
0.01
Closing:
1.85
On 4 November 2016, Suntec REIT together with its joint venture partner, PIP Southgate Sub-Trust (“PIP Trust”), completed the acquisition of an initial 50.0% interest in the iconic Southgate Complex for a consideration of A$289.0 million from Dexus Southgate Trust (“Dexus”). The property is currently owned by Suntec REIT, PIP Trust and Dexus with interests of 25.0%, 25.0% and 50.0% respectively.

Southgate Complex is a freehold, landmark waterfront integrated development located alongside the Yarra River in the Southbank arts and leisure precinct of Melbourne, Australia. Southgate Complex comprises two A-Grade office towers, the 30-storey “IBM Centre”, the 25-storey “The Herald and Weekly Times Tower”, a 3-storey retail podium and a car park with 1,026 lots.

The property is directly opposite Flinders Street train station and within close proximity to Melbourne’s city rail loop. It is also surrounded by business, residential, recreational and retail amenities.

Southgate Complex has a premier tenant base with major office tenants including City Road Melbourne, Dairy Australia, Government of Australia, IBM Australia and The Herald and Weekly Times.

Southgate Complex is a strategic fit with Suntec REIT’s portfolio of quality assets and augments Suntec REIT’s presence in Australia. The acquisition will further enhance Suntec REIT’s income and geographical diversification.

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