SPH REIT is planning to enter the Australian mall market by buying a 85% stake in an asset near Wollongong, at a price of A$175.1 million. The freehold property, Figtree Grove Shopping Centre, has a 21,984 m² gross lettable area and includes supermarkets and specialty stores.

The acquisition will be done through Figtree Holding Trust, a wholly owned subtrust of a joint venture held by SPH Reit and entities managed by the asset management division of financial services group Moelis Australia.