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SYDNEY, Jan 1 Asia Pulse - Australia's Taragon Property Fund (ASX:TPG) has announced it will buy P&O House and its adjoining property in central Sydney for $A52.38 million ($US39.13 million).
Settlement is to take place in June 2004.
Taragon Management Ltd, as the responsible entity, said it had entered into option agreements to acquire the two properties - at 154 and 160 Sussex Streets.
It said P&O would commit to lease the entire 160 Sussex Street building on a new seven-year lease, with two further one-year options.
They will lease 8,369 square metres, plus 35 basement car parking spaces on a double-net basis, including all outgoings and maintenance.
Additionally, they will lease a small area in 154 Sussex Street and provide for rental support for the building, which ...
Source: HighBeam Research, TARAGON PROPERTY FUND TO BUY SYDNEY CBD REAL ESTATE.