Singapore-listed Starhill Global REIT’s (SGX:P40U) bid to acquire Myer Centre Adelaide for AUD288 million (USD304 million) has been approved by the Australian Foreign Investment Review Board.

The retail and office REIT has also entered into an AUD145 million three-year secured term loan facility and a SGD250 million three-year unsecured term loan facility to fund the purchase of Myer Centre Adelaide and for refinancing of an existing S$100 million loan facility maturing in September 2016.

Following the completion and the refinancing, the gearing of Starhill Global REIT is expected to increase from 28.7% to approximately 35.3%, the REIT said.

Completion of the acquisition is expected to take place by May 2015. Units of Starhill Global REIT are currently listed on the Singapore Exchange at SGD0.86.