Metro Holdings and Sim Lian buy $172.3m office property in Australia

It is the group’s 18th property and 5th office asset in the country.

Metro Holdings Limited, together with venture partner Sim Lian, has bought a $172.3m office property located at 1 Castlereagh Street in Sydney, Australia. 

It is the group’s 18th property and 5th office asset in the country. This brings the total value of Metro’s portfolio with Sim Lian to $1.2b. 

The property is a 27-storey office building located within key landmarks in the area. It has a net lettable area (NLA) of 12,418 square metres with an occupancy rate of 85%. Adding this, the two companies’ NLA increased to 176,227 square metres spanning New South Wales, Victoria, Queensland and Western Australia.

Metro Group’s capital commitment is $27m funded primarily from internal cash sources and external borrowings.