SINGAPORE (Dec 7): The Straits Trading Company is acquiring an office building in Perth, Australia, for A$54.2 million ($55.7 million).

The acquisition is part of its strategy to redeploy capital from its existing property portfolio into potentially higher return property opportunities.

The property is an 11-storey office building with two basement levels.

Located in the main commercial thoroughfare of the Perth Central Business District, the property is surrounded by office buildings and near numerous retail and dining amenities, including the Hay Street malls and the iconic Cathedral and Treasury Precinct.

The Perth railway station, Perth underground station, Elizabeth Quay station, and Elizabeth Quay bus station are within walking distance of the property.

The sale and purchase agreement was signed through 45SGT Unit Trust, an indirect subsidiary of Straits Real Estate which itself is an indirect of Straits Trading.

The acquisition will be funded by internal resources.

Shares in Straits Trading closed at $2.35 on Thursday.