Singapore REIT buys retail property in Australia
Singapore-based Starhill Global REIT has acquired the 651,222-square-foot Myer Centre in Adelaide, Australia, for A$288 million, or A$442 per square foot ($227 million/$349 per square foot). The seller was Sydney-based Novion Property Group. The transaction is the largest retail property deal in Australia year-to-date.
Global law firm DLA Piper advised Starhill Global REIT, which announced its intent to acquire the mall in April. The acquisition is in line with the manager’s principal investment strategy, which is to invest primarily in prime retail and office properties.
Myer Centre is located along Rundle Mall, Adelaide’s retail CBD. It is anchored by a Myer store, which was recently updated through a A$35 million ($27.7 million) asset enhancement in 2013 and 2014.
The property is Adelaide’s largest shopping center, comprising more than 620,000 square feet of retail space across eight floors and 98,000 square feet of office space,