Keppel REIT to buy 75% stake in Top Ryde City Shopping Centre for $334.8m

The mall spans 77,054 sqm, with 2,739 car park lots.

Keppel REIT has agreed to acquire a 75% effective interest in Top Ryde City Shopping Centre, a freehold retail mall in Sydney, for $334.8m (A$393.8m).

The acquisition marks Keppel REIT’s first pure-play retail investment.

CEO Chua Hsien Yang said it will diversify the portfolio, enhance returns, and complement its Singapore office assets.

Top Ryde City Shopping Centre spans 77,054 sqm, with 2,739 car park lots, and is anchored by ALDI, Big W, Coles, Kmart, and Woolworths.

Non-discretionary tenants account for 77% of rental income.

The mall has a committed occupancy of 96% and a weighted average lease expiry of 4.2 years.

The acquisition is expected to deliver a 6.7% initial yield and 1.34% DPU accretion.

Retail sales in Australia remain strong, and suburban malls show resilient growth, with regional centres posting a 2.1% vacancy rate in 2024.

The deal will be funded via debt, equity, and perpetual securities, and is expected to complete by Q1 2026, pending regulatory approvals.

Post-acquisition, Keppel REIT’s portfolio will be valued at $9.8b, with retail assets representing 4.2% of the total.

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