Starhill Global REIT Myer Centre AdelaideStarhill Global REIT Myer Centre Adelaide

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”.

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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.