Singapore Press Holdings is closing on a deal to acquire a 50 percent stake in the biggest shopping center in Adelaide in South Australia, media sources say.
Sydney-based Lendlease — a multinational construction, property and infrastructure company — is looking to sell the stake in the Westfield shopping center for A$700 million ($481 million).
If the deal goes through, it would fall under the A$737.5 million ($506.81 million) book valuation for the remaining stake held by Scentre Group, a shopping center company with retail destinations operating under the Westfield brand in Australia and New Zealand.
