Sim Lian to acquire commercial property in Australia for $76.4m

It’s a freehold office and commercial complex.

Sim Lian Group will acquire a freehold office and commercial complex in Perth, Australia for a total consideration of $76.4m (AUD72.8m).

The property is made up of a two-tower office complex incorporating ground floor retail units and basement, ground and two upper levels of carpark with a total of 339 secured car bays.

The total net lettable area of the property is approximately 12,813 square metres of which 1,404 square metres comprises ground floor retail/office with the remaining 11,409 square metres spread over two separate towers.

The acquisition is not expected to have any material impact on the consolidated earnings and net tangible assets per share of the company for the current financial year ending 30 June 2015.