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Abacus Property agrees to buy 2 office buildings in Australia for A$142M

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Abacus Property agrees to buy 2 office buildings in Australia for A$142M

Abacus Property Group signed agreements to buy two fringe central business district office buildings in Australia for a sum of approximately A$142.4 million.

The company purchased the 452-484 Johnston St. asset in the Abbotsford suburb of Melbourne for A$93.5 million. The building offers 16,577 square-meters of prime office space and 485 parking spaces. It is fully let to an Australia-listed company on a triple net lease, with a weighted average lease expiry of over five years at settlement.

Meanwhile, the 11 Bowden St. property in Alexandria, Sydney, was acquired for roughly A$48.9 million. The four-level commercial asset encompasses 5,577 square meters of office area and provides parking space for 55 cars. The building is occupied by five tenants and has a weighted average lease expiry of over six years.

The deals are scheduled to be finalized by March-end, the company said in a release.