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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