Singapore-listed retail and office REIT, Starhill Global REIT (SGX:P40U), announced on 18 May that it has completed the acquisition of Myer Centre Adelaide following an approval from the Australian Foreign Investment Review Board.

The property was acquired for AUD288 million (SGD303.1 million), growing the REIT’s portfolio to approximately SGD3.1 billion from SGD2.8 billion previously and increasing its footprint in Australia to approximately 16.3% by asset value from 7.1% previously.

Starhill Global REIT has described its 13th property in the portfolio as one that is strategically located in Adelaide’s CBD that will benefit from the entry of new-to-market international fashion retailers into Australia.

The REIT has also indicated its future plans for the property in its statement released 18 May. “We will further unlock value through potential asset enhancement opportunities in due course”, said Ho Sing, CEO of the REIT’s manager, hinting that asset enhancement initiatives will be planned for Myer Centre Adelaide.

Units of Starhill Global REIT closed the trading day 1.75% higher from the previous close to end at SGD0.87 on the Singapore Exchange.