Hour Glass to acquire Brisbane property for A$82M

Outlet of The Hour GlassOutlet of The Hour Glass

The Hour Glass has entered a deal to acquire a property in the main luxury retail precinct in Brisbane, Australia’s central business district (CBD) from Dexus Wholesale Management for A$82.2 million, or around S$81.4 million, the watch retailer said in a filing to SGX Wednesday.

“The acquisition of the property is in line with the group’s strategy of owning properties at prime locations in selected cities,” The Hour Glass said.

The purchase consideration will be funded via internal resources and bank borrowings, The Hour Glass said.

The property is a two-storey retail and office building located at the junction of Edward Street and Elizabeth Street, the filing said.