Frasers Property Australia, a subsidiary of Singapore-based Frasers Property Ltd, is preparing to sell a retail center in Sydney for AUD248 million (US$172.2 million). This transaction marks the company’s second divestment in Australia this year, highlighting its ongoing strategy of capital recycling.
The buyer of the Ed.Square Town Centre is PGIM’s Real Estate Investment Group and Assembly Funds Management. The mall was developed by Frasers Property Australia and completed in 2021 as part of a larger mixed-use master-planned community.
Mark Gleeson, executive general manager for investment and capital transactions at Frasers Property Australia, stated that the sale of the Ed.Square Town Centre aligns with the group’s capital recycling strategy. He emphasized that the company aims to divest well-established assets at the right time, while also continuing to explore opportunities to develop new master-planned communities in its core eastern seaboard markets.
Ed.Square Town Centre, Sydney, Australia. Photo courtesy of Frasers Property
This sale follows another significant divestment by Frasers Property Australia earlier this year. In May, the company announced the sale of the West Sydney retail complex Eastern Creek Quarter to Australian shopping center operator Vicinity Centre for AUD400 million. These transactions demonstrate the company’s focus on optimizing its portfolio and reinvesting in high-potential areas.
Frasers Property is controlled by billionaire Charoen Sirivadhanabhakdi, who ranks as the third richest person in Thailand with a net worth of $11.5 billion, according to Forbes.
PGIM’s Real Estate Investment Group, one of the world’s largest real estate investment managers, has partnered with Australian real estate private equity manager AFM to create an operating platform targeting high-quality retail assets for income and growth. This collaboration builds on their previous acquisition of Woodgrove Shopping Centre in western Melbourne in September 2025 for AUD440 million, as reported by property news platform Mingtiandi.
PGIM has been actively expanding its presence in Australia and Japan. Last year, the firm announced plans to invest $2 billion in the Asia-Pacific region. In 2025 alone, PGIM acquired more than $600 million worth of Japanese real estate, including a portfolio of apartment blocks in Tokyo, land for a data center in Osaka, and a hospitality asset.
In Singapore, PGIM partnered with Northstar Capital in February to acquire an industrial site in western Singapore from Far East Organization for about SGD121 million ($94 million). This acquisition was made through PGIM’s flagship Asia-Pacific value-add real estate strategy, further solidifying its footprint in the region.
These developments reflect a broader trend of international investors seeking opportunities in the Asian real estate market. With a growing focus on sustainable development and strategic investments, companies like PGIM and Frasers Property are shaping the future of commercial real estate in the region.
