[ET Net News Agency, 8 November 2021] Link Real Estate Investment Trust (00823) said
the purchaser trusts (each being an indirectly wholly-owned SPV trust of Link) entered
into the principal transaction documents, including the respective contracts of sale with
the vendor trusts, pursuant to which the vendor trusts conditionally agreed to sell, and
the purchaser trusts conditionally agreed to acquire (as tenants in common), the vendor
trusts' respective 50% interests in various freehold and leasehold interests (as
applicable) in the target properties, for an aggregate consideration of approximately
AUD538.2 million on completion.
The target properties, comprising a portfolio of three retail properties, situated in
the heart of the Sydney CBD, are (i) Queen Victoria Building or QVB (including 669 car
parking spaces under the QVB Car Park Sublease); (ii) The Galeries and (iii) The Strand
Arcade.
Upon completion, Link will, indirectly through the holding of 100% of the units in the
purchaser trusts, hold 50% of the leasehold interests and freehold interests (as
applicable) in the target properties, and become tenant in common in equal shares with the
existing co-owners. (RC)