Soilbuild Business Space REIT agreed to purchase the office building at 25 Grenfell St. in the central business district of Adelaide, Australia, for A$134.2 million.
Credit Suisse Group AG, through 25 Grenfell Street Adelaide Real Estate Netherlands BV, is selling the property to the Singapore-based real estate investment trust. Completion of the transaction is expected in the fourth quarter, according to a news release.
The targeted building has 22 levels of office space, two retail floors, a net lettable area of 24,969 square meters and a site area of 1,968 square meters. It also includes parking spaces for 30 cars and end-of-trip facilities.
The property is leased to tenants including the Government of South Australia, law firms Minter Ellison, Lipman Karas and Jones Lang Lasalle, the REIT noted.
In a separate release, Soilbuild REIT added that it intends to finance the acquisition using a portion of the proceeds from its recently launched preferential offering of approximately S$101.8 million.
It expects to spend a total of about A$142.0 million for the acquisition, including professional and other fees, rental incentives and acquisition fee.
As of Aug. 21, US$1 was equivalent to S$1.38.
