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Sim Lian buying shopping centre in Western Australia
SIM Lian Group is acquiring Dalyellup Shopping Centre, a freehold investment grade neighbourhood shopping centre located in Dalyellup, Western Australia, for A$31.56 million (S$31.63 million).
The centre started operations in April last year, and is a convenience-based neighbourhood shopping centre. It has a total gross lettable area of about 6,446 square metres. It is anchored by a full-line Woolworths Supermarket which occupies 68 per cent of the total gross lettable area.
Other tenants in the centre include a discount variety retailer, a pharmacy, food and beverage outlets, a gymnasium and other trade and services which target convenience and non-discretionary retail needs of shoppers in the trade area of the centre.
The open market valuation of the centre is A$31.8 million, based on a valuation dated April 1, 2016, conducted by Jones Lang LaSalle. Sim Lian said that it intends to fund the proposed acquisition with a combination of internal funds and bank borrowings.
The centre will be acquired by SLG Property Trust II through a newly constituted sub-trust, SLG Dalyellup Trust. RCP Property Australia Pty Ltd is the trustee of SLG Dalyellup Trust.