Link Real Estate Investment Trust entered an agreement to acquire a 49.9% stake in Office Portfolio in Sydney and Melbourne from Oxford Properties Group, Inc. for approximately AUD 600 million.

Link Real Estate Investment Trust (SEHK:823) entered an agreement to acquire a 49.9% stake in Office Portfolio in Sydney and Melbourne from Oxford Properties Group, Inc. for approximately AUD 600 million on February 9, 2022. Consideration maybe subject to further adjustments. The consideration will be settled through an escrow account with AUD 30 million and the remaining will be paid upfront on completion.

Link will finance the acquisition using internal resources and bank facities. The portfolio will continue to be managed by Investa. The portfolio has an annual passing rent of AUD 49.6 million.

The acquisition is subject to approval by Foreign Investment Review Board on terms acceptable to Link Real Estate and is expected to complete in the first half of 2022. As on June 1, 2022, All the conditions have been fulfilled to acquire Office Portfolio in Sydney and Melbourne.