Singapore listed Sim Lian Group has expanded its regional footprint with the acquisition of five shopping centres in Australia for A$133 million (approximately S$152 million).

The five properties are located in Lake Munmorah and Jordan Springs in New South Wales, Lucas and Tarneit Gardens in Victoria, and Rothwell in Queensland, which is set for completion in April 2014.

The portfolio was acquired through an off-market transaction from Fabcot Private Limited, a wholly-owned subsidiary of Woolworths Limited.

Each of the shopping centres is anchored by a full line Woolworths supermarket as the major anchor tenant.

Other retail leases include specialty tenancies offering non-discretionary shopping options such as food and beverages, pharmacies, and newsagencies.

The transaction is Sim Lian’s second Australian acquisition.

In September 2013, it also acquired a prime freehold commercial development located in Sydney’s financial precinct.

“This acquisition is a milestone in Sim Lian Group’s journey of driving diversification across the region and investment portfolio,” said Kuik Sing Beng, executive director of
Sim Lian Group.

It represents our entry into the Australian shopping centre market and we are confident that it will further enhance the quality, diversity and income profile of our investment portfolio.”

Sim Lian Group was established as a construction company in 1976 before embarking on property development in 2001.