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Singapore-listed Sim LIan Group on Wednesday (28 October) announced its proposed acquisition of Lara Village Shopping Centre, a freehold investment grade neighbourhood shopping centre located in Victoria, Australia, for AU$30.2 million (S$30.02 million).
Completed in December last year, Lara Village is a brand new convenience-based neighbourhood shopping centre with a total gross lettable area (GLA) of about 6,449 sq m. It is anchored by the latest concept full line Coles Supermarkets which occupies 65 percent of the total (GLA).
The purchase price was arrived at on a willing-buyer and willing seller basis, and according to Sim Lian, it intends to fund the acquisition of the centre with a combination of internal funds and bank borrowings.
The acquisition is not expected to have any material impact on the group’s consolidated earnings and net tangible assets per share for the current financial year ending 30 June 2016, Sim Lian added.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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