Herbert Smith Freehills Kramer advises Keppel REIT on its acquisition of 75% of Sydney’s Top Ryde City Shopping Centre

Herbert Smith Freehills Kramer (HSF Kramer) has advised Singapore-listed Keppel REIT on its entry into agreements for the acquisition of a 75% interest in Sydney’s Top Ryde City Shopping Centre (alongside MA Financial, 25%) for a combined $525 million from international alternative asset manager, Blackstone.

The mall forms part of a mixed-use development with 77,000 square metres of retail and more than 2,700 car parking spaces. The mall has a high 96% occupancy rate, and includes tenants such as ALDI, BIG W, Coles, Kmart and Woolworths.

The HSF Kramer team advising Keppel REIT is led by real estate partner Andrew Leadston, with support from partners, Robert Bileckij and Patrick Clark. Senior associates, Claudia Marcellos, Stuart Robertson, Alice Wilk, Mark Peters and Tom Allen, and solicitors Timothy Gan, Sarah Tay, Emily Hood, Kiara Asuzu, Michael Arnold and May Chua also supported on the matter.

Real estate partner Andrew Leadston said, “The current market for regional shopping centres is attracting investors due to a number of factors including high occupancy rates and sale prices that are substantially less than the cost of replacement. This transaction marks a strategic move for Keppel REIT’s growing portfolio. It is a pleasure to have advised Keppel REIT on its latest acquisition.”

The acquisition is expected to be completed by early 2026, subject to regulatory approvals.