Link Asset Management Limited has agreed to acquire 50 per cent interests in the three leading retail assets in Australia – Queen Victoria Building, The Galeries and The Strand Arcade.
Located in the CBD of Sydney, one of Australia’s most sought-after retail precincts, the portfolio has a diversified tenant base and excellent natural footfall from CBD workers, local visitors and international tourists.
Queen Victoria Building (QVB), as a heritage-listed late-nineteenth-century building, is the second most visited site in the city after Opera House. The Strand Arcade, which is also a heritage-listed retail arcade, aims to offer a unique tenant mix for domestic consumers, while the Galeries is positioned as a lifestyle and cultural destination for fashion, art and dining.
Nicholas Allen, Chairman Link Asset Managed Ltd, said: “The acquisition of this prime retail portfolio is part of our Vision 2025 growth strategy to diversity and improve our portfolio mix. We are excited to have captured an opportune moment to invest in these iconic Australian retail assets.”
Since 2018, the portfolio has been managed by Vicinity. After completion of the acquisition, Vicinity will continue to manage the portfolio with its specialised and experienced retail team, and Link will work closely with Vicinity as a co-owner to curate and position the portfolio dynamically to better serve the needs of shoppers and the broader community in the long run.
