UOL Group (SGX:U14) and Singapore Land Group (SGX:U06), acquired a 50% stake in 388 George Street in Sydney, Australia, through their joint venture company, United Venture Investments, according to a filing with the Singapore Exchange on Friday.
The total consideration for the purchase of the Grade A commercial building is AU$460.0 million.
A deposit of AU$23 million was paid after the signing of a contract of sale and the balance of consideration would be paid once the sale has been completed.
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