Star Media buys into Australian office fund
Star Media Group Bhd has invested $35.5 million in an Australian office-focused fund targeting exposure to assets in Sydney, Melbourne, Canberra, Brisbane and Perth.
The Kuala Lumpur-listed publisher this week confirmed its wholly owned unit, Star Publications (Singapore) Pte Ltd, subscribed to units in TrustCapital Australian Office Fund No. 3, a private closed-end vehicle managed by TrustCapital Advisors Investment Management Pte Ltd.
The fund will focus on properties leased to corporate and government tenants.
Star Media said the investment forms part of efforts to diversify its revenue base and enhance recurring income, complementing existing placements in money market funds (continues below).
The investment will be funded through internally generated funds, the company said in a filing, adding it will establish an investment committee to oversee the exposure.
Star Media shares last traded at $0.10, valuing the company at c$74m.
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