The 60% interest in TE-Roxy Commercial Trust I is held by TE2 Group, the private family office of Mr. Teo Tong Lim, Managing Director of Tong Eng Group.

Roxy Australia Capital will enter into an agreement with TE2 Group in order to govern the rights and obligations of each of the investors in relation to the units in the Trust Group.

The Trust Group was set up to establish an incorporated joint venture with the objective of acquiring a property located at 350 Queen Street, Melbourne. 

A sale and purchase agreement to acquire the property for AUD 145,000,000 (not including stamp duty and due diligence costs) has been entered into. TE Skyhigh Trust is the acquiring entity of the property.

The acquisition is conditional upon certain conditions, including TE Skyhigh Trust obtaining approval of the Foreign Investment Review Board in Australia.

350 Queen Street is located 300-400 metres from the Queen Victoria Market and the Melbourne Central train station. Photo: Google MapThe freehold property (photo) situated in the CBD of Melbourne comprises a 21-storey tower with offices, retail offerings and community amenities. The property has a total site area of 1,787 square metres and a net lettable area of 21,914 square metres. The acquisition of the property will be financed by internal funds and bank financing taken out by the Trust Group. Other Australian investment properties currently held by Roxy-Pacific are:  Location Description Date of acquisition Group’s stake Valuation* 312 St Kilda Road, Melbourne 6 levels of office and 4 basement levels 23-Jan-18 45% S$79.2m (A$84.0m) 33 Argyle Street, Parramatta NSW Office building comprising retail ground floor suite and café, 3 levels of above ground parking, 6 office levels and roof top plant rooms 8-Jan-19 40% S$42.0m (A$44.5m) * Based on latest valuations as of 31 December 2019