Hong Kong-listed Link Real Estate Investment Trust (Link Reit) has submitted an offer to buy three Australian shopping centres from Lendlease.
Link Reit is looking to acquire Sunshine Plaza in Maroochydore, Queensland, Macarthur Square in Campbelltown, NSW and Lakeside Joondalup in WA.
Lendlease currently owns half-stakes in the three malls, which are estimated to have a value of more than $1.5 billion, Mingtiandi reported, citing sources familiar with the discussions.
The move comes after Link Reit’s revenue and net property income fell 1.8 per cent and 3.4 per cent, respectively, for the six months ended September 30.
The company attributed the declines to lower rent in Hong Kong and Mainland China amid headwinds in the macro environment and retail sector.
“Active management, operational efficiency and streamlining efforts in the first half have helped to reduce operating costs and preserve margins,” George Hongchoy, CEO of Link Asset Management, parent of Link Reit, commented on the results.
“At the same time, we continue to explore investment opportunities, particularly in Singapore and Australia, while also looking into opportunities to divest and recycle assets,” he added.
In its recent announcement, Link Reit noted it has not entered into any binding agreement in respect of any acquisition.
- This story was originally published on Inside Retail Australia.
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