UOL buys freehold Sydney property for $152.84m

The eight-storey office development is 100% tenanted with lease expiring in 2028.

Property developer UOL Group’s unit Success Ventures (SVCS) entered a sale and purchase agreement with private equity firm Proprium Capital Partners, the trustee for the Linford Hold Trust, to acquire a freehold property in Sydney, Australia for $152.84m (A$154.52m), an announcement revealed.

The property is located on 72 Christie Street and sits on an approximate 2,815 sqm of land with around 11,259 sqm in net lettable area. The eight-storey office building with a four-storey basement parking area is 100% tenanted with the lease expiring in 2028, according to the announcement.

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The acquisition is in line with UOL Group’s plan to diversify its presence in Australia whilst strengthening recurring income streams. It will be financed by internal resources and external borrowings, UOL said in a statement.

SVCS is incorporated in Australia and is 100% owned by UOL Investments Australia which is UOL Group’s wholly owned subsidiary incorporated in Singapore.