Moelis Australia hits over 8-month high, boosts assets with shopping centre purchase

Paragon REIT

08/11/2019 02:19

** Shares of Moelis Australia  MOE.AX  rise as much as 5.5%
to A$4.750, their highest since March 6
    ** The investment bank, backed by Singapore's SPH REIT
 SPHR.SI , has agreed to buy a 50% stake in an Australian
shopping centre for A$670 mln ($461.09 mln)  urn:newsml:reuters.com:*:nL3N27N5X7
    ** Co says the purchase will boost its funds under
management (FUM) to about A$4.7 bln ($3.23 bln)
    ** Moelis Australia has been appointed investment manager of
SPH REIT-owned Marion Sub Trust for a stake purchase in
Westfield Marion Shopping Centre in South Australia
    ** Stock posts biggest intraday percentage gain since Oct 21
    ** Stock down 1.5% this year, as of last close

    ($1 = 1.4531 Australian dollars)

 (Reporting by A K Pranav)
 ((Pranav.AK@thomsonreuters.com;))