SINGAPORE (Nov 7): SPH REIT is acquiring a 50.0% stake in Westfield Marion Shopping Centre in Adelaide, Australia, for a consideration of A$670.0 million ($636.5 million).
Marion Sub Trust, which is wholly-owned by SPH REIT, on Thursday entered into a sale of land contract with investment management platform Lendlease Real Estate Investments.
The acquisition is expected to be completed by end-2019. Post-completion, Scentre Group, the current co-owner of the shopping centre, will be SPH REIT’s partner in the joint venture.
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