SYDNEY (Yosefardi) – Suntec Real Estate Investment Trust acquires 177 Pacific Highway, North Sydney for $413.19 million from Leighton Properties.
Suntec REIT is Singapore’s second largest listed SREIT by asset under management. The 177 Pacific Highway will be North Sydney’s first new commercial building in six years.
The project will be developed by Leighton Properties and built by Leighton Contractors. Leighton will take a head lease over 76% of the office space, while the balance will be available to other corporates.
Suntec REIT holds properties in Suntec City, including Singapore’s largest shopping mall, Park Mall, a one-third interest in One Raffles Quay, a one-third interest in Marina Bay Financial Center Towers 1 and 2, and a 60.8% interest in Suntec Singapore COnvention & Exhibition Center.