, Hong Kong

Link REIT to buy 50% interests in 3 Sydney malls for $398.16m

The HK-listed REIT said the acquisition will be funded by cash and debt.

Hong Kong-listed Link Real Estate Investment Trust (REIT) will buy 50% interest in Ipoh Property Pty Ltd’s three retail properties in Sydney for $398.16m (A$538.2m).

The acquisition of the 50% stakes in Queen Victoria Building, The Galeries, and The Strand Arcade is expected to be completed by the first half of 2022.

Reuters said the Link REIT's acquisition will be funded by cash and debt.

“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,” Reuters added.

Based on figures provided by Bloomberg, the REIT’s portfolio is valued at HK$207b ($26.6b).

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