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Far East, Sino Land scoop up Westin Sydney for A$445.3m from GIC

Purchase takes Far East's acquisitions in Australia, including JVs, since 2013 to A$1.78b

Kalpana Rashiwala
Published Tue, May 26, 2015 · 09:50 PM

Singapore

SINGAPORE'S Far East Organization has teamed up with its Hong Kong-listed sister company Sino Land for a A$445.33 million (S$467.72 million) acquisition of The Westin Sydney.

The two companies are taking equal stakes in the acquisition.

This takes Far East's total acquisitions in Australia (including joint ventures) since 2013 to A$1.78 billion as the Singapore property and hotel giant seeks to diversify its earnings amid the property slowdown in Singapore.

Far East and Sino Land's purchase price is said to reflect a yield in the mid-4 per cent range, based on an article in The Australian Financial Review. The deal reflects a record price per room, translating to a freehold equivalent …

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