Frasers sells Sydney mall to PGIM, AFM joint venture for US$172.2 million

[SINGAPORE] A retail centre developed by Frasers Property Australia is set to be sold for A$248 million (US$172.2 million) to PGIM’s Real Estate Investment Group and Assembly Funds Management (AFM).

The Sydney property, Ed.Square Town Centre, was built by Frasers Property Australia and completed in 2021 as part of a mixed-use masterplanned community.

PGIM’s Real Estate Investment Group has tied up with Australian real estate private-equity manager AFM to start an operating platform, targeting high-quality retail assets for income and growth.

This transaction follows their joint acquisition of Woodgrove Shopping Centre in western Melbourne in September 2025 for A$440 million.

PGIM has been picking up assets in Australia and Japan recently, after saying last year that it planned to invest US$2 billion in the Asia-Pacific region.

The firm acquired over US$600 million in Japan real estate in 2025, buying a portfolio of apartment blocks in Tokyo, land for a data centre in Osaka and a hospitality asset. 

In Singapore, PGIM in February partnered Northstar Capital to acquire an industrial site in western Singapore from Far East Organization for about S$121 million. The acquisition was made through PGIM’s flagship Asia-Pacific value-add real estate strategy.

Earlier this year, a PGIM real estate fund sold a CBD office building, 78 Shenton Way, to the Kuok Group for between S$600 million and S$630 million.

Mark Gleeson, executive general manager for investment and capital transactions at Frasers Property Australia, said that the Ed.Square Town Centre sale is consistent with the group’s capital recycling strategy to divest well-established assets at the opportune time.

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He added: “In addition to our recent site acquisitions, we continue to seek opportunities to showcase our expertise and create value developing new masterplanned communities in our core eastern seaboard markets.” 

The Ed.Square Town Centre sale is the second divestment announced by Frasers Property Australia so far this year. In May, Frasers announced a deal to sell West Sydney retail complex Eastern Creek Quarter to Australian shopping centre operator Vicinity Centres for A$400 million.

At the time, CEO Cameron Leggatt said that the sale would provide the group with flexibility to pursue new opportunities in large-scale, mixed-use developments across its core markets.