UPDATE 1-S.Korea group picked to buy Telstra Tower in Sydney

Reuters 07/09/2009 14:58

UPDATE 1-S.Korea group picked to buy Telstra Tower in Sydney - Korea - Sydney - Investor - Telstra Tower

SEOUL, July 9 (Reuters) - A consortium led by South Korea's Woori Investment & Securities (005940.KS) has been picked as the preferred buyer of Telstra Tower in Sydney, and the brokerage is considering purchasing another building worth A$400 million ($312.3 million).

The brokerage unit of Woori Finance Holdings (053000.KS) said on Thursday that a final agreement for the Telstra Tower would take place after a three-month due diligence study, but declined to give the value of the deal.

Yonhap news agency reported the property purchase from Investa Property Group was worth A$200 million.

Woori Investment is looking into other office buildings in Australia to purchase, including a A$400 million building in Melbourne owned by Investa, a company spokesman said.

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