Suntec REIT to buy and leaseback three floors at Suntec Tower Two

The deal is worth around $105.7m.

Suntec REIT has entered a sale and purchase agreement with Maybank Kim Eng Properties Pte Ltd, says a report by OCBC. Suntec REIT is to purchase and leaseback three floors of strata office space at Suntec Tower Two for $105.7m.

“The estimated transaction price of ~S$2,605 psf NLA (net liquid assets) appears fair, in our view,” notes OCBC.

The acquisition is expected to yield a net property income of 3.9%.

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