Moelis Australia boosts assets with shopping centre purchase (updated)

Paragon REIT

07/11/2019 23:29

(Recasts and updates throughout with details of deal)
    Nov 8 (Reuters) - Investment bank Moelis Australia  MOE.AX ,
backed by Singapore's SPH REIT  SPHR.SI , has agreed to buy a
50% stake in an Australian shopping centre for A$670 million
($462.23 million), boosting its funds under management to around
A$4.7 billion.
    Moelis Australia has been appointed investment manager of
the Marion Sub Trust for the purchase of the stake in the
Westfield Marion Shopping Centre in South Australia from
Lendlease Real Estate Investments Ltd  LLCRE.UL . The Marion Sub
Trust is owned by SPH REIT.
    The deal is expected to close by the end of the year.
    The Marion shopping centre's co-owner and operator, Scentre
Group  SCG.AX , will become SPH REIT's joint venture partner
after completion of the deal, the Singapore firm said in a
statement on Thursday.  urn:newsml:reuters.com:*:nSNZ7bWF2R
    Moelis Australia said, post-deal, its funds under management
would be around A$1 billion higher that at the end of December
2018.
                    

($1 = 1.4495 Australian dollars)

 (Reporting by Shreya Mariam Job in Bengaluru; 
Editing by Sandra Maler and Jane Wardell)
 ((ShreyaMariam.Job@thomsonreuters.com;))