Soilbuild REIT makes foray into Australia with AUD111 million acquisition

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As part of efforts to geographically diversify its portfolio, Soilbuild Business Space REIT, which has thus far been Singapore-focused, is set to acquire its first properties overseas.

The properties are namely an office building at 14 Mort Street in Canberra City, Australian Capital Territory, and a poultry processing facility at Port Wakefield Road, Burton, South Australia.

Both properties are being acquired from third-party entities not related to Soilbuild REIT.

The office property is being acquired for AUD55 million (USD39 million), while the poultry processing facility will exchange hands at a consideration of AUD61.25 million.

Soilbuild REIT is expected to incur estimated transaction costs of about AUD120.96 million, including stamp duty, professional fees, and the acquisition fee payable in cash to the REIT’s manager.

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