Blackwall Property Trust (ASX:BWR) has acquired a commercial office building in the Hobart CBD for $7.8 million.
Within the office building, which has an area of 3,450 square metres, 75% of that space has been committed to long term leases.
As for the remaining space, it will used to house Blackwall's wholly-owned subsidiary WOTSO WorkSpace – which is a business that provides collaborative and flexible office space to startups, freelancers, and established businesses on Australia’s eastern seaboard and in Singapore.
Blackwall says this purchase will be funded by its $12 million capital raising late last year.
Blackwall posted a net profit of $10.8 million at 30 June 2016.