SINGAPORE (Dec 4): The Straits Trading Company is acquiring a mixed-use office and industrial property located in Mulgrave, Victoria in Australia for A$24 million ($22.3 million).

In a bourse filing on Wednesday, Straits Trading reported that the property has a total net lettable area (NLA) of 12,157 sqm, and is located some 21 kilometres southeast of the Melbourne Central Business District.

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. 

See: Straits Trading to acquire portfolio of Australian logistics properties for $39.3 mil

See: Straits Trading to acquire Adelaide property for $7.2 mil

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.