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Portfolio of 17 Office & Retail Properties in Australia

In November 2019, Metro expanded its regional footprint by investing 20% in a joint venture with Sim Lian that owns a portfolio of 14 quality freehold properties comprising four office buildings and 10 retail centres that span across four key states in Australia, namely New South Wales, Victoria, Queensland and Western Australia. The four office buildings are strategically located in the core CBD of Sydney and Brisbane and the fringe CBD of Melbourne and Perth. The other 10 retail centres are located regionally with over 90% of the retail space being anchored by defensive non-discretionary retailers such as supermarkets that cater to day-to-day necessities of the community within the primary residential catchment area. The joint venture has since grown its presence in New South Wales with the acquisitions of Ropes Crossing Village Shopping Centre in November 2020 and Cherrybrook Village Shopping Centre in October 2021. Following these acquisitions, Metro increased its equity stake in the Australian portfolio from 20% to 30%.

Further expanding its retail footprint, the joint venture acquired Shepparton Marketplace in Victoria in September 2022. In October 2024, the joint venture added 1 Castlereagh Street, a prime office property located in the financial core of Sydney’s CBD. This acquisition grew the portfolio to a total of 18 high-quality freehold properties across Australia.

Most recently, in November 2025, the joint venture divested Dalyellup Shopping Centre in Western Australia. As at 31 March 2026, the portfolio comprised 17 quality freehold properties, consisting of five office buildings and 12 retail centres located across four key states in Australia, namely New South Wales, Victoria, Queensland, and Western Australia. The Australian portfolio, with a total appraised value of A$1.4 billion (approximately S$1.2 billion), had an occupancy of 93.9% and a WALE of approximately 4.7 years by income as at 31 March 2026.

To align the interests with its strategic partner, Sim Lian, and to grow its asset management arm, the Group invested a 20% equity stake in an asset and investment management company namely, Sim Lian – Metro Capital Pte. Ltd., in November 2019 to manage the portfolio in Australia. In October 2021, Metro stepped-up its equity stake to 30%.