SINGAPORE (Sept 9): The Straits Trading Company is acquiring a parcel of land in Adelaide, Australia, for A$7.6 million ($7.2 million).

According to an SGX filing on Monday, the 37,970 sqm property, located near the Adelaide Central Business District, will be developed into a mixed-use office and warehouse facility spanning 14,719 sqm. The property has also secured a pre-commitment from a blue-chip tenant on a long term lease.

The total development cost will be A$44.3 million, inclusive of the consideration amount. The development is targeted for completion by the end of 4Q20.

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