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 Pty Ltd 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 central business district – 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
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