Figtree Grove Shopping Centre is an established sub-regional shopping centre in the Illawarra region south of Sydney, NSW, and the acquisition enhances SPH REIT's portfolio through geographical diversification.

The acquisition was made through a newly established joint venture trust, between SPH REIT and Moelis Australia Asset Management in the proportion of 85:15. SPH REIT is a real estate investment trust listed on the main board of the stock exchange in Singapore, with assets primarily for retail purposes in Asia Pacific. Moelis Australia Limited (Moelis Australia) is a financial services group that operates in the areas of equities sales trading and research, asset management and corporate advisory through Australian licensed entities.

The acquisition is in line with SPH REIT's strategy to acquire quality retail properties that complement their existing portfolio of quality assets in Singapore and expand their footprint in Australia and Asia Pacific.

"We are pleased to have advised the joint venture on this strategic acquisition and support SPH REIT in connection with their maiden acquisition in Australia," said David Inglis and Tony Dhar, MinterEllison's lead Partners. "The acquisition of Figtree Grove Shopping Centre delivers on the goal of SPH REIT to enhance their geographical diversification and provide stable and growing income."

MinterEllison assisted SPH REIT and Moelis Australia Asset Management on all legal aspects of the transaction including formation of the Australian transaction structures for SPH REIT and the joint venture, advising on the sale agreement, and advising on all related corporate, trust and property legal matters.

The acquisition was subject to various conditions, including FIRB approval, with MinterEllison advising on FIRB analysis, application and approval processes.

The MinterEllison corporate team was led by David Inglis (Partner), Tony Dhar (Partner), John O'Connell (Special Counsel) and Kate Koidl (Senior Associate). They were supported by David McElhone (Partner), David Moore (Partner), Kathleen Ng (Special Counsel), James Hamblin (Special Counsel), Mellissa Lai (Senior Associate), Benjamin Wu (Senior Associate), Sarah Soon (Associate), Ashlee Zileski (Associate), Samantha Currie (Lawyer), Patrick McCabe (Lawyer) and Daniel Fahey (Lawyer).