Singapore-listed Suntec Real Estate Investment Trust gained a 50% indirect stake in the Southgate Complex mixed-use property in Melbourne following the completion of a A$154.6 million transaction involving its 50/50 joint venture with PIP Southgate Sub-Trust.
As part of the transaction, the Southgate Trust joint venture purchased from Dexus the remaining 50% it does not already own in the property, comprising two office buildings, a three-story retail podium and a 1,026-space car park.
In a news release, the Australian seller said it will use proceeds from the stake divestment to repay debt and fund projects in its development pipeline.
