The Straits Trading Co inks deal to sell Melbourne office building for S$171.8 million

SINGAPORE - The Straits Trading Company said its subsidiary, Straits Real Estate, through its subsidiary, SRE Investment 1 (Australia), has agreed to sell an office building in Melbourne, Australia to AFIAA Australia 4 for about A$161.5 million (S$171.8 million).

The property at 114 William Street, is a 26-storey office building with 22 levels of office space, one level of ground retail space and two basement car park floors.

The property, which sits on a freehold land site of 19,978 square feet at the corner of William and Little Collins Streets, provides a total net lettable area of 226,158 sq ft.

Major law courts as well as Melbourne's retail core are within half a kilometre away from the property.

The property was acquired for about A$125 million and valued at A$134 million as at June 30.

The sale is expected to have a positive impact on the earnings per share but no material impact on the net tangible asset per share of Straits Trading and its subsidiaries for the year ending Dec 31.