Westfield Marion shopping centre sells 50 per cent share to Singapore investment house for $670 million
Westfield Marion, one of the largest shopping centres in SA, has sold a 50 per cent share for $670 million to a Singapore buyer.
SA Business
Don't miss out on the headlines from SA Business. Followed categories will be added to My News.
A shopping centre in South Australia has sold a 50 per cent share for a whopping $670 million, to record the largest single asset retail transaction anywhere in Australia this year.
The purchase of the 50 per cent share of the Westfield Marion shopping centre by a Singapore investment house SPT REIT, in conjunction with ASX-listed financial services group Moelis Australia, marks the largest retail transaction ever recorded in SA and is one of the largest globally for 2019.
Scentre Group will retain ownership of the remaining 50 per cent stake after the sale, which was announced to the Singapore Stock exchange late Thursday night after the Lendlease-managed Australian Prime Property Fund Retail sold its half share which it has owned since 2003.
Managing Director for Moelis Australia, Chris Monaghan, said Marion shopping centre was an ideal fit for the Singapore buyer.
“Their criterion centres around best in class and Marion clearly is that. Marion is one of Australia’s strongest trading fortress malls, so we are pleased to have it as part of our client’s portfolios.”
Westfield Marion is the eleventh-largest shopping centre in Australia and has a floorplate of almost 137,000 sqm which brings in around $839 million in annual retail sales from its stores, which include David Jones and Myer together with 310 specialty stores, a fresh food precinct and a cinema.
“Offshore investors are attracted by the opportunity to acquire strategic interests in dominant, high-quality, fortress-style retail assets,” such as Marion, said Sydney-based sales agent, CBRE’s Simon Rooney.