Singapore-based Soilbuild Business Space REIT closed its nearly A$121.0 million purchase of two properties in Australia, marking its first foray into the real estate market Down Under.

The industrial-focused real estate investment trust picked up the 14 Mort St. property in the capital of Canberra for A$55.0 million from Ascot Capital 14 Mort Street Property Trust, and paid about A$61.3 million to Ascot Capital Burton Property Trust for the Inghams Burton poultry processing plant in Adelaide, South Australia. The combined acquisition price of the two assets included roughly A$3.6 million in transaction costs, on top of the A$116.3 million price consideration for the properties, according to a release.

The two properties will join the REIT's 11 assets located in Singapore.

Soilbuild Business financed the buy through a S$65.0 million issuance of 6.00% subordinated perpetual securities and Australian-dollar-denominated loan financing.

In conjunction with the acquisitions, the REIT's investment manager, SB REIT Management (Australia) Pty. Ltd., signed an investment management deal with Perpetual Corporate Trust Ltd., the trustee of a new investment trust set up for the Australian asset buys. SB REIT and Perpetual Corporate also inked an investment management contract with The Trust Company (RE Services) Ltd., which will act as a sub investment manager.

Additionally, the REIT elected Realmont Property Partners Pty. Ltd. to take charge of leasing and asset management matters for the Canberra and Adelaide properties.

As of Oct. 5, US$1 was equivalent to S$1.38.