IHC acquires two more freehold properties in Australia for S$73.4m

One's an eight-story building in Melbourne.

International Healthway Corporation Limited (IHC) announced that it has signed another two Contracts of Sale for the acquisition of two freehold properties in Australia, in the cities of Melbourne and Geelong, for an aggregate of A$63.8 million (equivalent to approximately S$73.4 million).

Dr. Jong Hee Sen, Executive Chairman and Group President of IHC, said: "IHC is focused on developing our presence across the markets where we have identified strong growth potential and where we can leverage our existing capabilities, expertise, value creation capabilities and reputation. Given that Melbourne and Geelong are two of the most populous cities in the state of Victoria, Australia, we are very pleased to acquire another two freehold properties at the attractive locations of 541 St Kilda Road and 73-79 Little Ryrie Street.”

The first property, which was acquired for approximately A$35.8 million, is an eight-storey commercial building with net leasable area of 8,229 sqm at 541 St Kilda Road, Melbourne. The second property, which was acquired for A$28.0 million, is a four-storey high medical-use building with net leasable area of 5,172 sqm at 73-79 Little Ryrie Street, Geelong.

These acquisitions come in swift succession to IHC’s acquisition of a freehold commercial building at 553 St Kilda Road, Melbourne for A$45.0 million announced earlier on March 10, 2014, which marked IHC’s entry into Australia. In aggregate, the net leasable area for IHC’s property assets in Australia will now amount to 23,571 sqm.