Ascendas Real Estate Investment Trust (Ascendas Reit) is buying a Sydney suburban office property for A$288.9 million ($284 million) from AMP Capital.

The property, at 1 – 5 Thomas Holt Drive, Macquarie Park will be Ascendas’ fifth suburban office property investment in Australia. With this acquisition, Sydney accounts for 48% of its Australian portfolio.

“We are continuing to expand our suburban office portfolio in Australia as affordable satellite hubs such as Macquarie Park remain attractive for companies seeking to decentralise from the central business district,” says William Tay, executive director and CEO of the REIT’s manager.

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