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Ascendas Hospitality axes A$120M mixed-use development purchase in Melbourne

Ascendas Hospitality Trust terminated its agreement with UEM Sunrise (La Trobe Street) Pty. Ltd. for the A$120.0 million purchase of a mixed-use development in Melbourne, citing unresolved issues relating to the specifications and condition of the property.

The deal, which was announced Dec. 3, 2015, was supposed to pave the way for the transfer of the project at 224-252 La Trobe St., according to a Sept. 13 release.

In light of the deal's termination, the Singapore-based real estate investment trust said the A$5.0 million deposit it paid for the transaction will be returned, along with an agreed compensation to cover other expenses incurred.