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- Moelis Australia will buy a 50 per cent stake in South Australia’s Westfield Marion shopping centre for $670 million in what is being described as the biggest deal of the year
- This acquisition is the largest ever retail transaction recorded in South Australia and is one of the largest globally
- The centre has a moving annual turnover of $846 million from its stores
- This purchase puts Moelis Australia’s Assets Under Management (AUM) of approximately $4.7 billion. This is a $1 billion growth since December 2018
Moelis Australia is in line to purchase a 50 per cent stake in South Australia’s Westfield Marion Shopping Centre for $670 million in what is being labelled 2019’s biggest retail deal.
This acquisition is the largest ever retail transaction recorded in South Australia and is one of the largest globally.
Moelis is under a Singapore investment house SPH REIT.
Adelaide’s biggest shopping centre is the 11th largest shopping centre in Australia and has a net lettable area of 136,851 square metres. It is able to attract a footfall of 13.5 million annual visitors.
Westfield Marion is approximately 13 kilometres from Adelaide’s CBD, in Oaklands Park. The centre has a moving annual turnover of $846 million from its stores, which include David Jones, Myer, Harris Scarfe, Kmart, Big W, Bunnings Warehouse, Coles, Woolworths, Aldi, Events and many more.
This purchase puts Moelis Australia’s Assets Under Management (AUM) of approximately $4.7 billion. This is a $1 billion growth since December 2018.
Scentre Group is the current co-owner of Westfield Marmion and will be SPH REIT’s joint venture partner.
“We are very pleased to welcome SPH REIT as our joint venture partner at Westfield Marion,” said Scentre CEO Peter Allen.
“Westfield Marion is the market-leading Living Centre in South Australia with long-term development potential,” Peter said.
“With the confirmation of SPH REIT as our JV partner, we look forward to progressing plans for the next stage of the centre’s development,” he added.
SPH REIT CEO Susan Leng Mee Yin says the Acquisition deepens SPH REIT’s presence in the Australian market and follows on from company’s first acquisition of Figtree Grove Shopping Centre in December 2018.
“This transaction and our co-ownership with Scentre Group marks another significant milestone in expanding our presence in a country and sector with growth prospects,” Susan said.
“We are pleased with this opportunity to partner Scentre Group, the premier developer and operator of Westfield Shopping Centres in Australia, as well as to strengthen our existing relationship with Moelis Australia,” she added.
Moelis is up 3.33 per cent on the Australian Securities Exchange and is selling shares for $4.65 apiece at 1:58 pm AEDT.
