UOL Group said on Thursday that its indirect wholly owned subsidiary, Success Venture (CS), or SVCS, entered a deal to acquire a Sydney, Australia, office building for A$154.52 million.
The deal was agreed with Proprium Capital Partners (Australia), which is acting as trustee for Linford Hold Trust, UOL Group said in a filing to SGX after the market close on Thursday.
UOL plans to finance the acquisition with internal resources and external borrowings, it said.
“The acquisition is in line with the group’s plan to diversify its presence in Australia and to strengthen recurring income streams,” UOL said in the filing.
The building is located at 72 Christie Street, St. Leonards, in Sydney, and has an eight-storey office building with a four-storey basement parking facility, it said.
The property is fully tenanted, with the lease expiring in 2028, UOL said.
Australia-based SVCS is wholly owned by UOL Investments (Australia), which is incorporated in Singapore and is UOL Group’s wholly owned subsidiary, the filing said.