Investment Portfolio
Overview
Suntec City
One Raffles Quay
MBFC Properties
9 Penang Road
177 Pacific Highway
Southgate Complex
Olderfleet, 477 Collins Street
55 Currie Street
Volume:
5,456,200
High:
1.850
Low:
1.820
Change:
+0.010
Last:
1.850
PROPERTY STATISTICS
As at 31 December 2018
Location 40 and 60 City Road, 3 Southbank Avenue, Southbank, Melbourne, VIC 3006, Australia
Title Freehold
Total Net Lettable Area 815,893 sq ft
Net Lettable Area 407,947 sq ft1
Office: 355,291 sq ft
Retail: 52,656 sq ft
Number of tenants (actual) 92
Car Park Lots 1,026
Purchase Price S$299.8 million2,3
Market Valuation S$349.9 million1,4
(31 December 2017:
S$173.9 million5)
Net Income Contribution S$12.9 million 6
(2017: S$7.3 million7)
Committed Occupancy 97.7%
(31 December 2017: 90.8%)
Notes:
  1. Reflects 50.0% interest.
  2. The purchase price took into account an independent valuation based on the discounted cashflow method, capitalisation approach and direct comparison approach.
  3. Based on an exchange rate of A$1.00 = S$1.0615 and A$1.00 = S$1.013 being the exchange rates at the time of acquisitions.
  4. Based on an exchange rate of A$1.00 = S$0.9599 as at 31 December 2018
  5. Reflects 25.0% interest and based on an exchange rate of A$1.00 = S$1.0441 as at 31 December 2017.
  6. Based on exchange rate of A$1.00 = S$1.0017.
  7. Based on exchange rate of A$1.00 = S$1.0201.
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 Building”, the 25-storey “The Herald and Weekly Times Building”, a 3-storey retail podium and a car park with 1,026 lots.

Southgate Complex 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 APT Management Services, City Road Melbourne, Government of Australia, IBM Australia and The Herald and Weekly Times.

On 27 February 2018, Dexus Group had exercised its option to put its 50.0% to Southgate Trust, a managed investment trust jointly held by Suntec REIT and PIP Trust, in the proportion of 50:50. Subsequently, Suntec REIT completed the acquisition on 31 May 2018, raising its interest in the property from 25.0% to 50.0%.

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