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Sim Lian plans to buy shopping centre in Australia

SIM Lian Group is looking to acquire Lara Village Shopping Centre, a freehold investment grade neighbourhood shopping centre located in Victoria, Australia, for A$30.2 million (S$30.02 million).

Lara Village is a brand new convenience-based neighbourhood shopping centre located within the established and growing suburb of Lara. The centre has a total gross lettable area (GLA) of about 6,449 square metres. It is anchored by the latest concept full line Coles Supermarkets which occupies 65 per cent of the total GLA.

The group intends to fund the acquisition of the centre with a combination of internal funds and bank borrowings.

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