Sim Lian Group buys 5 shopping centres in Eastern Australia for $152 million
Mainboard-listed Sim Lian Group today expanded its regional footprint with the acquisition of five investment-grade neighbourhood shopping centres in Eastern Australia for A$133 million (S$152 million).
The properties have a total gross lettable area (GLA) of some 28,875 square metres. They are strategically-located neighbourhood shopping centres that serve the daily shopping needs of the immediate and growing catchment populations.
The purchase also includes land of about 4.8 hectares adjoining the shopping centres at Tarneit and Lake Munmorah, providing Sim Lian with future development and expansion opportunities.
The portfolio was acquired through an off-market transaction from Fabcot, a wholly-owned subsidiary of Woolworths - Australia's largest supermarket chain with more than 800 stores across the country.