SINGAPORE (Aug 10): CIMB Research is upgrading its “reduce” call on Suntec REIT to “hold” with a higher target price of $1.68 on its latest acquisition.

Through its 50% subsidiary Southgate Trust, Suntec REIT has entered an agreement to acquire 50% interest in Southgate Complex for A$289 million ($298.5 million) from Dexus.  

Southgate Complex is a freehold, landmark waterfront integrated development located along the Yarra River in Melbourne. The complex comprises two A-Grade office towers, a three-storey retail podium and a car park with 1,026 lots. Office and retail components make up 87% and 13% respectively of the total net lettable area (NLA), which totals to about 820,000 sf.

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