Roxy-Pacific enters deal to acquire Australia property for A$40.8 million

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Roxy-Pacific Holdings said on Friday that it entered a deal to acquire an Australian property from non-profit New South Wales Aboriginal Land Council for A$40.8 million.

The property will be acquired through TE2 Roxy Argyle, which is 40 percent held by Roxy-Pacific’s indirect subsidiary, Roxy-Pacific Investments, while the remainder is held by TE2 Australia, it said. TE2 Australia is the private investment company of Teo Tong Lim, who is group managing director of Tong Eng Group, a Singapore-based family real-estate investment and development company.

The property is located at 33 Argyle Street, Parramatta, New South Wales in Australia, and includes a building with one retail ground-floor suite, three levels of above-ground parking and six upper office levels, it said in a filing to SGX after the market close on Friday.

The location is in Parramatta’s central business district, about 25 km from Sydney’s central business district, it said. The property has a total site area of 2,048 square meters and a net lettable area of 5,279 square meters, it said.