# PGIM, AFM to buy Sydney mall for A$248 mil from Frasers Property Australia

- **Source:** EdgeProp Singapore
- **Published:** 2026-07-02T08:40:54.000Z
- **Author:** Edgeprop Singapore
- **Original:** https://www.edgeprop.sg/property-news/pgim-afm-buy-sydney-mall-a248-mil-frasers-property-australia
- **Topics:** Commercial & Industrial, Investment & Capital Markets, Regional Markets

## Featured rationale

The partners’ second Australian retail acquisition within a year signals confidence in income-producing, catchment-led malls and could encourage further investment in resilient retail assets.

## AI summary

PGIM and Assembly Funds Management are acquiring Sydney’s 263,716 sq ft Ed.Square Town Centre from Frasers Property Australia for A$248 million ($221.3 million).

## Original article

US-based PGIM’s real estate investment group and Australia-based Assembly Funds Management (AFM) are acquiring retail asset Ed.Square Town Centre, in southwest Sydney for A$248 million ($221.3 million).

This is the second time in the past year that the two firms have joined hands to scoop up retail assets in Australia.

They have formed a partnership and operating platform to “pursue high-quality retail opportunities that offer a resilient income profile and growth potential”, applying a highly active asset management approach, PGIM and AFM said in a joint release on July 2.

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Ed.Square Town Centre is located in Edmondson Park, about 44km southwest of Sydney’s CBD. The property spans more than 24,500 sq m (263,716 sq ft) and is anchored by Coles supermarket, discount clothing and homewares retailer TK Maxx, and Event Cinemas.

It also houses nine mini-majors, or mid-sized retailers, and 78 specialty stores across retail, dining, entertainment and services.

The shopping centre forms the retail and entertainment heart of a broader mixed-use master-planned community next to the Edmondson Park transport interchange.

PGIM’s head of Australia, real estate, Steve Bulloch, said the centre has strong underlying fundamentals and is positioned to benefit from an increasing catchment over time.

AFM chief investment officer Tim Meurer noted: “With an attractive basis relative to replacement cost, we believe the asset offers compelling long-term potential for our investors.”

The seller, Frasers Property Australia, had developed Ed.Square Town Centre in 2021.

The sale is consistent with the developer’s capital recycling strategy to divest well-established assets “at the opportune time”, said Mark Gleeson, executive general manager of investment and capital transactions at Frasers Property Australia.

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Gleeson added that the company has recently acquired sites and continues to seek opportunities to develop new master-planned communities in its core eastern seaboard markets.

## Chinese translation

> Translation model: grok

### PGIM与AFM以2.48亿澳元向星狮地产澳大利亚收购悉尼商场

该购物中心面积逾263,716平方英尺，属毗邻交通枢纽的综合用途总体规划社区的一部分。

总部位于美国的PGIM房地产投资集团，与总部位于澳大利亚的Assembly Funds Management（AFM），正以2.48亿澳元（约2.213亿新元）收购悉尼西南部零售资产Ed.Square Town Centre。

这是过去一年中，两家机构第二次联手收购澳大利亚零售资产。

双方已组建合伙与运营平台，以“寻求具有稳健收益特征与增长潜力的优质零售机会”，并采取高度主动的资产管理方式，PGIM与AFM在7月2日的联合新闻稿中称。

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Ed.Square Town Centre位于Edmondson Park，距悉尼中央商务区西南约44公里。物业面积逾24,500平方米（263,716平方英尺），主力租户为Coles超市、折扣服饰与家居零售商TK Maxx，以及Event Cinemas影城。

商场另有九个中型零售商（mini-majors）及78个专卖店，覆盖零售、餐饮、娱乐与服务。

该购物中心是更广泛综合用途总体规划社区的零售与娱乐核心，毗邻Edmondson Park交通换乘站。

PGIM澳大利亚房地产负责人Steve Bulloch表示，该中心基本面稳健，有望随辐射区人口增长而受益。

AFM首席投资官Tim Meurer指出：“相对于重置成本具备有吸引力的入场成本，我们认为该资产可为投资者带来可观的长期潜力。”

卖方星狮地产澳大利亚（Frasers Property Australia）于2021年开发Ed.Square Town Centre。

星狮地产澳大利亚投资与资本交易执行总经理Mark Gleeson表示，此次出售符合发展商在“适当时机”处置成熟资产的资本循环策略。

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Gleeson补充称，公司近期已收购地块，并将继续在其核心东海岸市场寻找开发新总体规划社区的机会。