ARA-backed Suntec to acquire the Minster Building from Ivanhoe Cambridge for $489m.

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.