Publications

- December 1, 2021: Vol. 13, Number 11

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Link REIT buys Sydney retail assets from GIC

by Jennifer Molloy

In a Vision 2025 effort to diversify and improve its portfolio mix beyond Greater China, Hong Kong’s Link REIT has acquired a 50 percent interest in three trophy retail assets in Sydney’s central business district — the Queen Victoria Building (QVB), The Strand Arcade and The Galeries — from GIC, Singapore’s sovereign wealth fund, for A$538.2 million (US$400 million). The off-market deal was sourced by EG Funds Management, Link REIT’s investment manager in Australia.

With a core cap rate of 5.00 percent, the transaction is the largest CBD shopping centre transaction since late 2017, when Vicinity Centres acquired its 50 percent interest in the same trio of centres, which it continues to manage, according to Shopping Centre News.

“The rare portfolio, sitting in the heart of Sydney CBD, was offered to the market for the first time,” said George Hongchoy, CEO of Link REIT, in a statement. “Given the high occupancy rate filled with leading Austra

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