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SPH REIT settles A$670M purchase of LendLease's 50% stake in Australian mall

SPH REIT completed its A$670.0 million acquisition of LendLease Group's 50.0% interest in the Westfield Marion shopping center in Adelaide, Australia.

The Singapore-listed real estate investment trust used the S$300.0 million it raised from its issuance of perpetual securities and the roughly S$164.5 million proceeds from its private placement of 156,645,000 units at S$1.050 apiece to help finance the transaction, according to a Dec. 6 news release.

Following the transaction, SPH REIT now co-owns Westfield Marion with Scentre Group.

As of Dec. 6, US$1 was equivalent to S$1.36.