Singapore’s Cuscaden Peak Sells Adelaide Mall Stake for $469M to Exit Australia

Singapore’s Cuscaden Peak has sold its 50 percent interest in South Australia’s largest shopping centre to JY Group for A$670 million ($469 million), completing the Temasek-backed investment group’s sell-down of its Australia portfolio.

JY Group exchanged contracts to acquire the half-stake in Westfield Marion, Adelaide’s only super-regional shopping centre, according to a Wednesday announcement by deal brokers CBRE and JLL.

The 138,000 square metre (1.4 million square foot) mall was the sole remaining asset in Cuscaden’s Australia portfolio after the sale of Figtree Grove Shopping Centre in Wollongong in early 2025. The Marion stake was purchased in 2019 for a reported A$670 million by a forerunner of Paragon REIT, the SGX-listed trust taken private last year by Cuscaden, which is a 50:50 holding firm of Temasek units Mapletree and CapitaLand.

“The sale process generated a significant level of both domestic and offshore engagement from a wide range of capital sources, including several institutional investors,” said Simon Rooney, head of retail capital markets for the Pacific at CBRE, which managed the sale campaign together with JLL’s Nick Willis and Sam Hatcher.

Potential Redevelopment

Located 13 kilometres (8 miles) southwest of the Adelaide CBD, Westfield Marion occupies a 22.8 hectare (56 acre) site at the junction of three major arterial roads. Zoning allows for potential mixed-use redevelopment subject to planning and co-owner approvals.

Westfield Marion is jointly owned and managed by Sydney-based Scentre Group and is anchored by retailers including David Jones, Myer, Woolworths, Coles, Aldi, Kmart and Target. The mall draws 12.5 million customers a year and generates over A$1 billion in annual sales.

The acquisition values the asset at A$9,710 ($6,792) per square metre of gross lettable area and lifts JY Group’s total assets under management to $3.4 billion since 2019, reinforcing the low-profile Asia-backed investor’s focus on major shopping centres in Australia.

The Marion deal follows JY’s acquisition last year of a 50 percent interest in Sydney’s Bankstown Central for A$318.6 million and represents the group’s second partnership with Scentre, after it paid A$195 million for GIC’s half-stake in Westfield Whitford City in Western Australia in September 2024.

JY’s portfolio also includes stakes in Sydney’s Warriewood Square, Roselands and Carlingford Court, Melbourne assets including Forest Hill Chase and Roxburgh Village, Wollongong Central and a resort hotel in Cairns.

“Super-regional shopping centres represent one of Australia’s most exclusive commercial real estate asset classes, with only 20 centres nationwide controlled by 12 owner managers,” said Willis, executive director for JLL’s Australia and New Zealand retail investment team. “The sale of Westfield Marion presented a rare opportunity to enter this sub-sector and secure a stake in one of Australia’s premier performing shopping centres.”

The retail sector has continued to lead Australia’s commercial real estate investment activity in the first half of 2026, with more than A$3.5 billion in deals announced or under contract, the brokers said. Retail transaction volume in 2025 hit a record A$12.7 billion nationally, including A$6.9 billion in regional shopping centre transactions.

Wind-Down Nears

Cuscaden’s Australia disposal comes as the group nears completion of its S$3.9 billion ($3.1 billion) sale of Singapore’s Paragon mall and medical complex on Orchard Road to CapitaLand Integrated Commercial Trust.

That transaction, announced in April and due to complete in the second half of 2026, will transfer the 714,915 square foot (66,418 square metre) freehold complex to Singapore’s largest commercial REIT at the equivalent of S$5,455 per square foot.

Paragon is the last Singapore asset remaining from the former Paragon REIT portfolio since Cuscaden completed its privatisation of the SGX-listed trust in May of last year. The group sold The Clementi Mall to Chinese investor Elegant Group for S$809 million in December.

Cuscaden also owns Woodleigh Mall in north-central Singapore and the mall’s adjoining residential complex in a 50:50 joint venture with Japan’s Kajima Corp. The group put Woodleigh Mall on the market in July 2024 at S$800 million, with parties said at the time to have shown interest including UOL Group, Frasers Property, Robert Kuok’s Allgreen Properties and Hong Kong-listed Link REIT.

With the Marion sale agreed and the Paragon disposal pending, Cuscaden is closing in on the wind-down of the retail-heavy portfolio it assembled after Singapore Press Holdings’ real estate assets were taken private, leaving Woodleigh as the group’s remaining disclosed mall holding.