Ascendas Funds Management, the director of Ascendas Reit, declared the Reit has obtained a freehold suburban office building in Melbourne, Australia, by the vendor ESR FPA (Wellington Road).

Get The Avenir brochure by registering your interest for appointment viewing.

The building is located in 254 Wellington Road at the Monash Technology Precinct and will probably be finished by June 2020. It had been obtained for A$110.9 million ($104.4 million), and also the purchase consideration includes the property and the development cost of this home, also is in accord with its own”as though total” market evaluation.

It’s a net lettable area of 188,444 sq ft. That is actually the fourth largest suburban office land in Australia maintained by Ascendas Reit.

Nissan Motor Co (Australia) will start a 10-year rental for approximately 65% of this distance once the construction is finished. Their rental has an integrated rental escalation of 3% per annum. ESR FPA (Wellington Road) may also supply a three-year rental warranty for any remaining empty space following the property is assembled.