Announced
Financials
Sources
Tags
Friendly
Pending
Private
Majority
Private Equity
property
Cross Border
real estate
Acquisition
United Kingdom
Real Estate Holding and Development
Single Bidder
Synopsis
ARA-backed Suntec, a REIT company, to acquire the Minster Building from Ivanhoe Cambridge, a Canadian real estate company with assets around the globe, for $489m. "We are pleased to expand our footprint in London with the acquisition of The Minster Building. The Grade A office development is a strategic fit with Suntec REIT’s existing portfolio and will enhance the resilience, diversification and income stability of Suntec REIT’s portfolio. The property has an income yield of 4.5%4 and long weighted average lease expiry of 12.3 years," Mr. Chong Kee Hiong, Suntec CEO.
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