(Bloomberg) --
Asia's largest real estate investment trust Link REIT said it plans to pay A$538.2 million ($398.3 million) to acquire three shopping malls in downtown Sydney, Australia.
The Hong Kong-based real estate investor, which has been diversifying its portfolio in markets abroad in recent years, is looking to buy 50% stakes in the Queen Victoria Building, The Galeries and The Strand Arcade, according to a filing to the Hong Kong Stock Exchange Sunday.
Link REIT manages a portfolio valued at HK$207 billion ($26.6 billion), with the majority being community shopping malls in Hong Kong. It also has properties in first-tier Chinese cities including Beijing and Shanghai.
Link REIT suspended trading on Friday afternoon pending the announcement. Trading will resume on Monday at 9 a.m., the company said.
In late 2019, Link said it would make its first purchase outside of Hong Kong and mainland China with a grade A office tower in Sydney for $470 million. The company then announced a deal to buy an office building in London as its second overseas venture in July last year.
The Australian Financial Review reported in September that Link REIT was considering buying the properties in Sydney.
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