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Keppel REIT is acquiring a 75% stake in Sydney's Top Ryde City Shopping Centre for AUD 393.8 million (USD 259 million), marking its entry into non-discretionary retail. Subject to regulatory approval, the acquisition is expected to be completed by early 2026. Valued at AUD 6,813 per square meter, the fully-leased property is projected to deliver a 6.7% initial yield. To fund the purchase, Keppel REIT has initiated a private placement to raise at least AUD 113 million, with part of it allocated for the acquisition.
Keppel REIT has announced plans to acquire a 75% stake in Sydney's Top Ryde City Shopping Centre for a gross purchase price of AUD 393.8 million (USD 259 million). This acquisition marks Keppel REIT's first move into the non-discretionary retail sector. The deal is subject to approval from Australia's Foreign Investment Review Board and is expected to be completed by the first quarter of 2026. Advertisement
The freehold property, located along Devlin Street in Ryde, is valued at AUD 6,813 per square meter. The acquisition is expected to deliver a fully-leased initial yield of 6.7%. Including fees and taxes, the total estimated cost of the transaction is AUD 427.4 million.
To partially finance the acquisition, Keppel REIT has launched a private placement to raise at least AUD 113 million, of which around SGD 109.6 million will be used for this purpose.
Built in 2010 and refurbished in 2016, Top Ryde City Shopping Centre is a freehold, convenience-focused retail centre anchored by major supermarkets Coles and Woolworths. Its strategic location along a key arterial route in Sydney enhances its appeal for both retail shoppers and delivery logistics.
Source Reuters
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