Sim Lian buys Perth commercial property for $76 million

Downtown Perth in 2008. Mainboard-listed developer Sim Lian announced on Wednesday that it is acquiring an office complex in the Australian city for A$72.8 million (S$76 million). -- PHOTO: BLOOMBERG
Downtown Perth in 2008. Mainboard-listed developer Sim Lian announced on Wednesday that it is acquiring an office complex in the Australian city for A$72.8 million (S$76 million). -- PHOTO: BLOOMBERG

SINGAPORE - Mainboard-listed developer Sim Lian announced on Wednesday (Feb 4) that it is acquiring an office complex in Perth for A$72.8 million (S$76 million).

The freehold A grade commercial complex is located in the suburb of Victoria Park, about 4 kilometres east of the Perth central business district.

It has two office towers (11,409 square metres) with ground floor retail units (1,404 square metres), giving it a total lettable area of about 12,813 square metres. The complex also has a four-storey carpark with 339 parking lots.

The complex is sited on the southwestern side of Albany Highway. A bus interchange directly opposite the complex provides direct access to the Perth central business district and allows commuters to transfer to other CBD train stations.

Sim Lian is acquiring the property through a newly constituted sub-trust SLG 59 Albany Trust, and will fund the acquisition through both internal funds and bank borrowings. The firm says the acquisition will not have any material impact on its earnings and net tangible assets for the current financial year.