Keppel REIT and MA Financial Group to acquire Top Ryde City Shopping Centre from Blackstone for AUD525m.

Keppel REIT, a real estate investment trust, and MA Financial Group, an alternative asset manager, agreed to acquire Top Ryde City Shopping Centre, a shopping and social hub, from Blackstone, an American multinational private equity firm, for AUD525m. Keppel REIT and MA Financial Group will own 75:25, respectively. “The acquisition of Keppel REIT’s first pure-play retail asset marks a strategic expansion into the retail sector. The diversification allows Keppel REIT to benefit from enhanced portfolio resilience as Australian retail malls offer attractive yields, with suburban retail assets demonstrating resilience and strong growth potential supported by long-term consumption growth and population increase," Chua Hsien Yang, Keppel REIT CEO.