Metro Holdings buys 20% stake in 14 Australian properties for $89.7m
These include four office buildings and 10 retail centres.
Property development and investment group Metro Holdings (Metro) has acquired a 20% stake in a portfolio of 14 freehold office and retail properties for $89.7m (A$95.8m), an announcement revealed.
The portfolio comprises of four office buildings and 10 retail centres that span across New South Wales, Victoria, Queensland and Western Australia with a total net lettable area of 130,925 sqm and a committed average occupancy rate of 96.7%. All of the properties involved are collectively valued at around $842m (A$900m).
Its four office buildings have a total net lettable area of 44,995 sqm and a high committed average occupancy rate of 94.5%.
Meanwhile, the 10 retail centres are located regionally with over 90% of the retail space anchored by non-discretionary retailers such as supermarkets, cafes/restaurants, pharmacies, gyms and fitness centres, and medical clinics. It has a total net lettable area of 85,930 sqm and at a high committed average occupancy rate of 97.8%.
The sale is also said to mark as the first collaboration and strategic partnership between Metro and Sim Lian Group of Companies (Sim Lian), a group with operations across Singapore, Malaysia and Australia.
Under the joint venture agreement, both parties will set up an asset management company (AM Co), to be owned 20% and 80% by Metro’s and Sim Lian’s affiliate respectively. The AM Co will be appointed as the asset and investment manager of the Trusts to manage the Portfolio.