Allco Commercial Real Estate Investment Trust is set to spend $S300-$S400 million to buy new office and retail properties in Singapore and Asia Pacific.
In an interview with Reuters Allco REIT Property Funds Management director James Woodburn said the company will issue new units to partially finance the spending spree in the next 12 months.
“Singapore will be our first port of call…we are hoping to announce something within the next month or so,” Woodburn said.
Allco REIT is currently listed on the Singapore Stock Exchange and has a portfolio valued at o$S683.9 million.
Allco REIT currently holds 100% interest in the China Square Central Property in Singapore.
Located at 18 Cross Street, the A Grade office tower also comprises a retail complex and car park, including two rows of conservation shophouses at 20 and 22 Cross Street.
Allco REIT also has a 50.0% interest in Central Park in Perth, Australia – a premium grade, landmark office tower located at St George’s Terrace.
In addition, the trust also owns an investment of $A48 million, representing 15.7% in Allco Wholesale Property Fund.
AWPF has a 50.0% interest in Ernst & Young Centre in Sydney, a 50.0% interest in the World Square Retail Complex and Public Car Park in Sydney and 100.0% interest in 222 Exhibition Street in Melbourne.
Allco REITS listed in on the Singapore Stock Exchange in March this year at $S1.
Yesterday, Allco REITs traded at 0.90 cents.
By Adam Parsons
