Cuscaden Peak sells 50% stake in South Australia mall for US$469 million

[SINGAPORE] Cuscaden Peak Investments has sold its 50 per cent freehold interest in South Australia’s Westfield Marion Shopping Centre to Hong Kong-based private equity firm JY Group for US$469 million. 

This is one of Australia’s largest retail property transactions in recent years, marketing agent CBRE said on Thursday (Jun 11). 

At US$469 million or A$670 million (S$603.9 million), the price tag is 15.4 per cent higher than the mall’s last valuation of A$580 million as at Dec 31, 2024, but in line with its original acquisition cost.

The price works out to around A$9,700 per square metre (sq m) of gross lettable area of about 138,000 sq m. 

With the sale of its stake in the Australian mall, Cuscaden Peak has sold all the assets held in the now-delisted Paragon Reit, which it acquired after a takeover of Singapore Press Holdings (SPH), now SPH Media, and its real estate investment trust in 2022.

Cuscaden’s sale of Westfield Marion follows the deal signed in April to sell the freehold Paragon shopping centre to CapitaLand Integrated Commercial Trust for S$3.9 billion. 

Cuscaden Peak Investments is a wholly owned subsidiary of Cuscaden Peak, the consortium which took over SPH in 2022.

The group originally comprised Hotel Properties Ltd (HPL), Capitaland’s CLA Real Estate Holdings and a Mapletree Investments unit. 

HPL has since exited the consortium, while SPH Reit, which was renamed Paragon Reit, was privatised and delisted in 2025. 

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SPH Reit had acquired a half-stake in the mall in November 2019 from Lendlease for A$670 million. 

Westfield Marion sits on a 22.8 hectare freehold site in Adelaide. It is the largest mall in the capital city and the 11th largest in Australia, with 303 stores.  

Retail operator Scentre Group, which owns the remaining half of the shopping centre, said that Westfield Marion draws 12.5 million customers annually with total annual retail sales of just over A$1 billion. 

Its sale is the latest in a series of divestments of assets Cuscaden Peak acquired from the SPH takeover.

Not including the sale of Paragon which has yet to be completed, the exits have yielded gross proceeds of almost S$3.5 billion. 

These include three freehold Nassim Road bungalows for a total of S$206.7 million, a student housing portfolio of properties in the UK and Germany worth £1 billion (S$1.7 billion), The Seletar Mall for S$550 million and The Rail Mall for S$78.5 million. 

In 2025, the group also sold the Orange Valley nursing home business (which has five centres in Singapore) for around S$90 million to global alternative asset manager TPG, and The Clementi Mall for S$809 million.

Cuscaden still holds a 50 per cent stake in The Woodleigh Mall, a retail centre that is part of an integrated project with a 667-unit condominium.

The project is a joint venture with Japanese developer Kajima Development.

The mall has been on the market for S$800 million since July 2024; Woodleigh Residences was launched in 2019 and is fully sold.