UOL acquires Hilton Melbourne South Wharf for S$246 mil

SINGAPORE (March 6): Property group UOL is acquiring Hilton Melbourne South Wharf for A$230 million (S$246 million) (RM776 million).

In a Friday night filing, UOL said the property was located at 2 Convention Centre Place, South Wharf VIC 3006, Australia.
 
It sits next to the Yarra River within a precinct that includes the Melbourne Convention and Exhibition Centre, South Wharf DFO Retail Centre and the Melbourne Maritime Museum.

The property, with an estimated gross floor area of 30,688 sqm, has a tenure of 99 years leasehold ending July 2108.

The property comprises hotel facilities and 396 rooms, of which 12 rooms are owned by unrelated room owners under sale-and-licence back arrangements.

UOL said Success Venture, as a trustee for its wholly owned unit trust, Success Venture (Melbourne) Unit Trust, signed the acquisition agreement with HHR Conventions.

UOL closed 4 Singaporean cents lower at S$6.52 on Friday, before the announcement. — theedgemarkets.com.sg

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from TheEdgeProperty.com http://www.theedgeproperty.com.my/content/1085280/uol-acquires-hilton-melbourne-south-wharf-s246-mil

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