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THE trustee of Suntec real estate investment trust (Reit) is buying a freehold property in North Sydney's business district for A$413.迷利倉19 million (S$480 million).The site, which will accommodate a 31-storey building still under construction, will be the Reit's first acquisition outside Singapore.Suntec said yesterday that the tower block is targeted for completion in early 2016, and it will have a net lettable area of 423,915 sq ft.It will house the corporate headquarters of Leighton Holdings, which is one of Australia's largest construction companies.Leighton, which will occupy 76per cent of the net lettable area, will provide a rental guarantee for four years for any vacant space迷你倉on completion.Mr Yeo See Kiat, chief executive of the Reit manager, said that the property, a five-minute walk from North Sydney station, will be "the most iconic building in North Sydney"."It is a strategic fit with Suntec Reit's portfolio of high-quality commercial assets in Singapore," he added.The property transaction is expected to boost earnings and lift distribution income to unit-holders, as coupon payments of 6.32 per cent per year are payable to Suntec Reit during the construction.The acquisition will be fully funded by a $500 million five- year unsecured loan, which will be provided by Commonwealth Bank of Australia, DBS Bank and Standard Chartered Bank.chiaym@sph.com.sg自存倉