Figtree Grove in New South Wales, which will be acquired by SPH REIT. (Photo: Google Maps)

Singapore-listed SPH REIT has proposed to acquire an 85% interest in Figtree Grove Shopping Centre for AUD175.1 million (USD125 million).

The REIT is acquiring the property via Moelis Austhrough Figtree Holding Trust, a wholly-owned joint venture trust of SPH REIT Moelis Australia Trust.

This joint venture is, in turn, jointly held by SPH REIT, and entities managed by the asset management division of Moelis Australia Limited.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.