Suntec REIT Buying New Building In Australia For $207M

By Andrew McIntyre (July 1, 2019, 5:47 PM EDT) -- Suntec Real Estate Investment Trust has reached a deal to purchase an under-development office and retail building in Sydney from Australian developer Milligan Group for AU$297 million ($206.8 million), according to an announcement on Monday from Singapore-based Suntec.

The deal is for 21 Harris St., which is located in the Pyrmont neighborhood of Sydney. The nine-story property is slated to have 181,900 square feet of office space as well as 21,500 square feet of retail space.

The purchase is the REIT's second in Sydney, and the firm said it plans to pay for the building with bank borrowings.

"We are pleased...

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