Singapore REIT acquires stake in Australian shopping center

Investment bank Moelis Australia, backed by Singapore’s SPH REIT, has agreed to buy a 50 percent stake in an Australian shopping center for A$670 million ($462.23 million).

South Australian shopping mall Westfield Marion is the largest shopping center in Adelaide and South Australia. Westfield Marion has 99.3 percent occupancy and attracts 13.5 million visitors annually.

Moelis Australia has been appointed investment manager of the Marion Sub Trust for the purchase of the stake in the Westfield Marion Shopping Centre in South Australia from Lendlease Real Estate Investments Ltd. The Marion Sub Trust is owned by SPH REIT.

The deal is expected to close by the end of the year.

The Marion shopping center’s co-owner and operator, Scentre Group, will become SPH REIT’s joint venture partner after completion of the deal.