Malaysian property firm Mulpha buys Blackstone’s Brimbank Plaza for $150m

Petaling Jaya, Malaysia. Photo by nik radzi on Unsplash

By Siew Mung Tan

January 28, 2020

Malaysia’s real estate company Mulpha has acquired Brimbank Plaza in Melbourne for $150 million from American private equity firm Blackstone, according to several Australian media reports.

According to The Urban Developer, the 37,576sqm sub-regional shopping centre, which was anchored by Woolworths, Coles, Aldi, and Target, had a combined fully-leased net income of $12.3 million per annum.

In 2016, Blackstone bought the Brimbank property from ASX-listed Vicinity Centres along with Clifford Gardens, Forest Hill Chase and Toombul for $841.4 million, said the property community-led news portal.

The news portal also highlighted the deal was handled by American property consultant CBRE.

It cited CBRE’s investment director Mark Wizel as saying the sub-regional shopping centres in Australia had been under pressure.

Mulpha and CBRE Australia had not replied to emails seeking confirmation at the time of publishing.

It was also reported last week that Mulpha got a green light from Australian state Independent Planning Commission to revamp Sydney’s InterContinental Hotel for $203 million.

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
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