Hong Kong-listed Link Real Estate Investment Trust said it has agreed to buy 50% interests in three retail properties in Sydney from Ipoh Property for A$538.2 million ($398.16 million).
Link said on Sunday it had agreed to acquire the interests in three retail assets at the heart of Sydney’s central business district – the Queen Victoria Building, The Galeries and The Strand Arcade.
The acquisition will be funded by cash and debt, and Link’s ratio of debt to total assets will increase to 21.4% from 20.1%, based on its financial position at end-March 2021.
The deal is expected to complete in the first half of 2022.
- Reuters with additional editing by Jim Pollard