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Investment groups in Singapore and Australia acquire Figtree Grove shopping centre

Investment groups in Singapore and Australia acquire Figtree Grove shopping centre

Australian and Singaporean flag

National firm MinterEllison has acted for Singapore’s SPH REIT and Moelis Australia on its $206 million joint venture acquisition of 100 per cent interest in Figtree Grove Shopping Centre in NSW.

Firm: MinterEllison (SPH REIT; Moelis Australia).

Deal: Minters has acted for SPH REIT Management, in its capacity as the Manager of SPH REIT, and several entities managed by the asset management division of Moelis Australia Limited, on its joint venture acquisition of 100 per cent interest in Figtree Grove Shopping Centre in NSW.

Value: $206 million.

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Area: Corporate.

Key players: The Minters corporate team was led by partners David Inglis and Tony Dhar, special counsel John O’Connell and senior associate Kate Koidl.

They were supported by partners David McElhone and David Moore, special counsel Kathleen Ng and James Hamblin, senior associates Mellissa Lai and Benjamin Wu associates Sarah Soon and Ashlee Zileski, and lawyers Samantha Currie, Patrick McCabe and Daniel Fahey.

Deal significance: “We are pleased to have advised the joint venture on this strategic acquisition and support SPH REIT in connection with their maiden acquisition in Australia,” said Mr Inglis and Mr Dhar.

“The acquisition of Figtree Grove Shopping Centre delivers on the goal of SPH REIT to enhance their geographical diversification and provide stable and growing income.”

The acquisition was made through a newly established joint venture trust, Minters said in a statement, between SPH REIT and Moelis Australia Asset Management in the proportion of 85:15.

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