Starhill Global REIT is now at risk of losing the main tenant at one of its assets in Australia, Myer Centre Adelaide.

The risk arose after a lease dispute emerged between the Singapore-listed REIT and the Australian department store operator, Myer, over the latter’s lease at Myer Centre Adelaide.

Myer occupies approximately 52% of the asset’s net lettable area as at 31 December 2022, and the retailer claims that there has been a breach in its lease, which currently runs until June 2032.

Specifically, Myer claims that Starhill Global REIT has maintained the asset “in a condition it is substantially empty of suitably presented retail stores”.