Suntec REIT plans to sell three Australian properties as part of a strategic review aimed at sharpening its focus on Singapore, reducing overseas exposure and strengthening its balance sheet.
The REIT will launch formal sale campaigns for 177 Pacific Highway and 21 Harris Street in Sydney, as well as 477 Collins Street in Melbourne.
The divestments come after a change in the REIT’s sponsor and are being supported by improving conditions in Australia’s capital markets and investor interest in high-quality, well-leased assets with stable income streams.
Related: Hongkong Land ups Suntec REIT stake to over 10% in SGD540 million deal
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