SPH REIT agreed to buy an 85.0% stake in the Figtree Grove Shopping Centre, which has a total gross leasable area of 21,984 square meters, for A$175.1 million.
According to a Dec. 19 report from The Australian Financial Review, Blackstone Group LP was the seller of the retail asset, which it is disposing as part of its plans to pare down its retail portfolio. The private equity giant first picked up the shopping center in 2015 as part of a A$783 million deal with Scentre Group.
The retail property sits on 50,900 square meters at 19 and 23 Princes Highway in the Figtree suburb of Wollongong, New South Wales, in Australia.
The property has 940 car parking spaces and is anchored by Kmart and Coles and Woolworths supermarkets.
SPH will acquire the property through Figtree Holding Trust, a unit of SPH REIT Moelis Australia Trust, the joint venture between Moelis Australia Ltd. and the company.
SPH will fund the transaction using a combination of debt and internal resources and expects it to be accretive to its distribution per unit.