The Straits Trading Company Limited has acquired two Docklands office buildings for $150m.
The transaction comprises the acquisition of 1010 La Trobe Street (“1010 La Trobe”), 192 Harbour Esplanade (“Innovation Building”), and 163 parking bays all located in Docklands.
1010 La Trobe is a 9-storey Grade A office building with NLA of 15,354 square metres and is currently 100% occupied with the Department of Home Affairs and Victoria Rail Track as its key tenants. The freehold property offers uninterrupted views
towards nearby Marvel Stadium and the Docklands marina. The adjacent 192 Harbour Esplanade Innovation Building is a freehold 5-storey Grade A office building with NLA totalling 5,779 square metres.
The acquisition by the Straits Trading Company is consistent with the strategy to focus on creating realisable value with high quality income-generating properties, and along with the latest acquisitions in the UK and its continuing expansion into the logistics sector, is expected to fuel the growth of SRE’s assets under management (“AUM”) from approximately S$2.3 billion as of December 2021 to S$3.5 billion over the next few years.
The business has previously invested alongside Commercial & General in the acquisition of 885 Mountain Highway Bayswater for $50m in 2018 and was involved directly in the acquisition of 677 Spingvale Rd Mulgrave from ESR in December 2019.
The Docklands properties were sold by private developer Digital Harbour, a private business backed by the Liberman family, investment house Qualitas and three smaller investors.
Colliers’ John Marasco, Anna Cavar, Oliver Hay and Adam Woodward and CBRE’s Mark Coster, Kiran Pillai, Scott McGlone and Stuart McCann of CBRE handled the sale.
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