Hong Kong’s Link REIT has taken a half-a-billion-dollar bet on the revival of Sydney’s CBD retail sector, acquiring half-stakes in three of the city’s best-known shoppers’ haunts: the Queen Victoria Building, The Strand and The Galeries.

The $538 million portfolio purchase, first mooted two months ago, has been finalised since the city launched itself into reopening. Amid lingering uncertainty over the CBD economy, the Hong Kong investor’s move will be seen as a big vote of confidence in the recovery.