Half Of Westfield Marion Has Been Sold For A Record Amount

Nov 8, 2019

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A 50 per cent share in Westfield Marion shopping centre has been sold for $670 million, making it the “largest single asset retail transaction” in Australia this year.

According to The Advertiser:

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…

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.

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