Ascendas-Singbridge acquires A-grade building in Sydney

The acquisition is worth $270m.

Ascendas-Singbridge Group (Ascendas-Singbridge) acquires A-Grade commercial building 66 Goulburn Street in Sydney for around $270m.

66 Goulburn Street has a net lettable area (NLA) of 22,890 sqm and 24 storeys, with a ground floor retail space and 53 basement parking spaces.

It is near major court buildings, such as Downing Centre Courts and Family Law Court, as well as retail and food and beverage stores.

Ascendas-Singbridge chief investment officer and head of real estate funds Jonathan Yap, said, “Since acquiring 100 Arthur Street in North Sydney last year, we have been actively sourcing for suitable opportunities to expand our office portfolio in Australia. This asset has a relatively long weighted average lease expiry profile and good covenant tenants."

The new acquisition adds to the 312,000 sqm. of office assets and an additional 75,000 sqm. under development in Sydney, Singapore, Seoul and Shanghai.

The acquisition also increases the company's assets to approximately $2.6b.