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TARAGON PROPERTY FUND TO BUY SYDNEY CBD REAL ESTATE.

AsiaPulse News

| January 01, 2004 | COPYRIGHT 2004 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

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 ...

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Source: HighBeam Research, TARAGON PROPERTY FUND TO BUY SYDNEY CBD REAL ESTATE.

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