SPH Reit sees potential in Aussie acquisition

Reit manager tells unitholders at the AGM that it sees future enhancement opportunities in the freehold Westfield Marion Shopping Centre in Adelaide

Nisha Ramchandani

Published Wed, Nov 27, 2019 · 09:50 PM

SPH Reit

Singapore

UNITHOLDERS questioned SPH Reit's manager on its plans for the Reit's latest proposed acquisition Down Under at an annual general meeting (AGM) on Wednesday.

In particular, unitholders were keen to find out its strategy for the freehold Westfield Marion Shopping Centre in Adelaide, as well as the rationale behind a private placement to partially fund the acquisition.

Earlier this month, the Reit announced it is planning to acquire a 50 per cent stake in Westfield Marion for A$670 million (S$620.2 million), with the other 50 per cent held by Scentre Group. The deal is expected to be concluded by end-2019.

The largest and only super regional shopping centre in South Australia, it has approximately 1.5 million square feet of gross lettable area (GLA) and sits on a land parcel of some 2.5 million sq ft…