Vicinity will continue to manage the business assets as the co-owners seek to position the portfolio âdynamicallyâ as buyers return to the city.
Link REIT chief executive George Hongchoy said the group jumped at the chance to secure the “rare wallet” in the heart of Sydney’s CBD after it was first offered to the market.
âGiven the high occupancy rates of major Australian and international brands, the portfolio is well positioned to capture the rebound in retail with improving consumer sentiment in the country,â said Hongchoy.
âIn addition to the strategic partnership with a leading retail asset manager in Australia, we believe both parties will jointly enhance the portfolio to ensure that these historic assets provide the best retail experience for all buyers. and unlock their long-term growth potential. “
Link REIT chairman Nicholas Allen said the move would diversify the company’s holdings in Australia, where it already has an office building in Sydney.
âThe acquisition of this premier retail portfolio is part of our Vision 2025 growth strategy to diversify and improve the composition of our portfolio,â he said.
“We are delighted to have seized an opportune time to invest in these iconic Australian retail assets.”
The investment is Link REIT’s first major entry into the Australian retail industry and follows its $ 683 million acquisition of an office tower at 100 Market Street in Blackstone two years ago.
Since then, she has been researching other high-end properties in the local market after signing an open-ended mandate with fund manager EG Funds Management.