Properties

Portfolio of 17 Office & Retail Properties in Australia



In November 2019, Metro expanded its regional footprint by investing 20% in a joint venture with Sim Lian that owns a portfolio of 14 quality freehold properties comprising 4 office buildings and 10 retail centres that span across 4 key states in Australia, namely New South Wales, Victoria, Queensland and Western Australia. The four office buildings are strategically located in the core CBD of Sydney and Brisbane, and the fringe CBD of Melbourne and Perth. The other 10 retail centres are located regionally with over 90% of the retail space being anchored by defensive non-discretionary retailers such as supermarkets that cater to day-to-day necessities of the community within the primary residential catchment area. Metro deepened its footprint in Australia in November 2020 by acquiring Ropes Crossing Village Shopping Centre in New South Wales. In 2021, Metro acquired Cherrybrook Village Shopping Centre in New South Wales. Subsequent to this acquisition, Metro stepped-up its equity stake from 20% to 30% for the Australian portfolio.

In September 2022, Metro acquired Shepparton Marketplace in Victoria. The Australian portfolio, with a total appraised value of A$1.2 billion (approximately S$1.1 billion), has a high occupancy of 96.5% and a WALE of approximately 5.7 years by income as at 31 March 2023.

To align the interest with its strategic partner, Sim Lian, and to grow its asset management arm, the Group invested a 20% equity stake in an asset and investment management company namely, Sim Lian – Metro Capital Pte. Ltd., in November 2019 to manage the portfolio in Australia. In October 2021, Metro stepped-up its equity stake to 30%. For more information on SLMC, please refer to www.simlian-metro.com.