Straits Trading acquires property in Victoria for A$24 mil to expand Australian portfolio

According to Straits Trading, the consideration was arrived at on a willing-buyer and willing-seller basis.

The group also highlighted how this acquisition marks the “continuing expansion” of its portfolio. This comes on the back of its acquisition of five industrial properties across Australia in September last year, as well as a 37,970 sqm parcel of land for mixed-use office and warehouse facility development in Adelaide in September.

Straits Trading said that the acquisition will be satisfied by a combination of internal funds and bank borrowings.

Shares in Straits Trading closed flat at $2.10 on Wednesday prior to the announcement.