Figtree Grove acquired by Singaporean buyer for $175.1m

Singaporean real estate firm SPH Reit has kicked off expansion plans into Australia after acquiring 85 per cent of Figtree Grove Shopping Centre, Sydney for a consideration of $175.1 million.

Figtree Grove is located in Wollongong, New South Wales, is anchored by a 24-hour Kmart, Coles and Woolworths supermarkets, and holds an occupancy rate of 98.5 per cent.

“The acquisition… is a strategic git with SPH Reit’s portfolio of quality assets and in-line with our strategy to expand our footprint into Australia,” SPH Reit chief executive Susan Leng said.

The acquisition is SPH Reit’s first overseas transaction, and serves of improve the business’ geographical diversification.

Figtree Grove records retail sales of $10551 per square metre, 47.7 per cent above the benchmark for malls in the same category according to SPH Reit.

The remaining 15 per cent is managed by Moelis Australia Limited.

“The partnership with SPH Reit fits perfectly with our strategy of working with respected and strong offshore investment groups to acquire fundamentally sound investment grade assets with upside potential in the Australian marketplace,” Moelis Australia head of retail estate asset management Chris Monaghan said.

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