Suntec REIT has acquired a 50 percent interest in two class A office buildings with ancillary retail (Nova North, Nova South and The Nova Building, collectively known as the Nova Properties) in London’s West End for an agreed value of €472.6 million ($tk million). The remaining 50 percent stake in Nova Properties will continue to be held by Landsec.
Chong Kee Hiong, CEO of the manager, said, “The Nova Properties are a strategic fit with Suntec REIT’s existing portfolio of high-quality commercial assets in Singapore and Australia. These two premium class A office buildings will enhance the resilience, diversification and quality of Suntec REIT’s portfolio with income contribution from high-quality office tenants and long weighted average lease expiry of 11.1 years. The net property income yield of 4.6 percent will provide a DPU accretion of 4.9 percent upon completion of the acquisition in December 2020. There is also a two-year guarantee on the retail income, whi
