We are pleased to announce that a MA Financial Group managed investment vehicle, fully capitalised by Singapore Exchange listed SPH REIT, has entered into an agreement to acquire a 50% interest in the Westfield Marion Shopping Centre, South Australia for $670m.
Westfield Marion is the 11th largest shopping centre in Australia with net lettable area of 136,851 sq.m. and Moving Annual Turnover of $846m.
Managing Director and Head of Real Estate Asset Management, Chris Monaghan said:
“We look long and hard for investments for our clients and Marion Shopping Centre was an ideal fit for SPH REIT. Their criterion centres around best in class and Marion clearly is that.”
The acquisition is the largest ever retail transaction recorded in South Australia and is one of the largest globally for 2019. Following completion of this acquisition, MA Financial Group’s Assets Under Management (“AUM”) will be approximately $4.7bn, growth in the order of $1bn since 31 December 2018.
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