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

Unit prices of SPH REIT has remained largely flat in the wake of revelations that it has proposed to undertake its first ever overseas acquisition.

Between 18 December and the close of the trading day on 20 December, SPH REIT traded narrowly between SGD1.00 and SGD1.01 despite news of the plan being announced on the earlier date.

SPH REIT has proposed to acquire an 85% stake in Figtree Grove Shopping Centre for AUD175.1 million (SGD188.2 million/USD136 million).

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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.