Australia’s mall crash begins

Via The Australian:

The shopping centre industry has been rocked by the largest deal of the year, with a half stake in the $1.34bn Westfield Marion in Adelai­de selling to Singapore-listed SPH REIT, in a transaction showing an 8 per cent discount to the mall’s December value.

The sale of Adelaide’s biggest centre will reverberate across the sector as the pricing may affect malls across Australia while they are under pressure from struggling department store anchors and sluggish consumer spending.

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