The manager of Ascendas REIT (A-REIT) has completed the acquisition of a suburban office building at 254 Wellington Road in Melbourne, Australia on September 11.

The total cost of the acquisition, which is subject to adjustments, stood at A$105.8 million ($101.9 million). The sum is made up of the purchase consideration of A$104.5 million and A$1.3 million in transaction costs.

The initial purchase consideration was thought to be at A$110.9 million ($104.4 million) when the acquisition was first announced in Oct 3, 2019.

See: Ascendas REIT acquires suburban office in Australia for $104.4 mil

Nissan Motor Co. (Australia) currently occupies about 65.2% of the property on a 10-year lease.

A-REIT says the property is on track to achieve the 5 Star Green Star Design and As Built and 5 Star NABERS energy ratings.

The total acquisition cost was funded by internal resources and existing debt facilities.

Following the completion of the acquisition, A-REIT now owns a total of 36 properties in Australia in addition to the 162 properties in Singapore, the UK, and the US.

Units in A-REIT closed flat at $3.27 on September 11.