Ascendas Reit acquires A$110.9m Melbourne suburban office building

Singapore-based Ascendas Funds Management has pre-purchased a Melbourne suburban office building from pan-Asian logistics group ESR and Frasers Property Australia for A$110.9m (€68m).

Ascendas said it is buying the freehold land and subsequent development of the 254 Wellington Road office building in Mulgrave for its listed vehicle.

On completion, which is scheduled for the second quarter of next year, the building will be the Australian national headquarters for Nissan Motor, which has signed a 10-year lease for 65.2% of the space.

The development is part of an A$400m estate to be planned for a 4.67-hectare site.

ESR and Frasers Property bought the site, which has planning approval for 60,000sqm of commercial space and other amenities earlier this year from a fund run by Charter Hall.

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