ARA Trust Management (Suntec) Ltd. said that Suntec Real Estate Investment Trust wrapped up the A$414 million purchase of a 50% interest in the Olderfleet tower from Mirvac Group.

As contracted, Suntec will procure financing through a fund to pay half of the developmental costs incurred during the length of construction.

The seller aims to deliver the biggest premium-grade office building at 477 Collins St., Melbourne, in 2020. The development will offer more than 56,000 square meters of office space across 40 levels.

ARA Trust is the manager of Suntec.

As of Aug. 7, US$1 was equivalent to A$1.26.