MA Financial Expands Real Estate Portfolio with $525M Top Ryde City Acquisition

About MA Financial Group Ltd

MA Financial Group Limited (ASX: MAF) is a Sydney-headquartered global alternative asset manager specialising in private credit, real estate, and hospitality. The Group lends to property, corporate, and specialty finance sectors, while also providing strategic corporate advisory and equity capital market (ECM) services.

As at 30 June 2025, MA Financial managed A$12.7 billion in assets, oversaw A$155 billion in managed loans, and advised on more than A$125 billion in corporate and ECM transactions. With a team of over 800 professionals spanning Australia, China, Hong Kong, New Zealand, Singapore, and the United States, the Group continues to expand its global footprint and investment capabilities.

Strategic Developments

In a landmark transaction, MA Financial and Keppel REIT, a leading Singapore Exchange (SGX)-listed real estate investment trust, have entered into an agreement to acquire Top Ryde City Shopping Centre for $525 million.

Situated 14 kilometres north-west of Sydney’s CBD, the Centre serves as a major retail and transport hub and is a central feature of a large mixed-use precinct. With annual customer visitation exceeding 12 million, Top Ryde City is one of Sydney’s premier metropolitan retail destinations.

The net acquisition price of $499.5 million, factoring in vendor-funded capital and leasing reserves of $25.5 million, implies a fully leased yield of approximately 7.2%. Importantly, the price represents a 45% discount to the Centre’s estimated replacement cost, providing a strong margin of safety and attractive entry point for investors.The Centre is currently 96% occupied (as of July 2025) and continues to deliver record trading performance, buoyed by a tenant mix heavily weighted toward non-discretionary retailers such as supermarkets, essential services, and healthcare providers — features that underpin its defensive earnings profile.

Growth Pipeline and Investment Rationale

MA Financial’s 25% interest will be held through an MA-managed fund, with Keppel REIT retaining the remaining 75% stake. The fund targets a distribution yield of 8% per annum and a total return of 13% per annum across a five-year horizon.

The acquisition follows MA Financial’s successful integration of IP Generation, which expanded the Group’s real estate exposure and enhanced its asset management, leasing, and development capabilities. The Top Ryde transaction demonstrates the scalability and maturity of this integrated platform, providing investors with exposure to high-quality real estate assets supported by recurring income streams.

Integrated Real Estate Platform

Under the partnership structure, MA Financial will assume full management responsibility for strategic asset management, property operations, leasing, and development at the Centre. This holistic management approach reflects the Group’s end-to-end real estate expertise, enabling operational efficiencies and higher returns for investors.

The transaction also reinforces MA Financial’s position as a preferred partner for global institutional investors, demonstrating confidence in its operational capability, local market knowledge, and risk management discipline.

Industry Context

The acquisition comes at a time when Australia’s commercial real estate market is experiencing renewed momentum, supported by stabilising interest rates, population growth, and sustained consumer spending in essential retail categories.

Investor sentiment toward defensive, income-generating retail assets has strengthened, particularly in metropolitan areas with limited new supply and established transport connectivity. With only two major Sydney regional shopping centres transacted in the last 22 years, the Top Ryde deal underscores the scarcity value of high-quality retail assets in key growth corridors.

For MA Financial, the transaction represents both a strategic expansion of its real estate platform and a reaffirmation of its disciplined investment approach amid evolving market conditions.

Conclusion

MA Financial’s acquisition of Top Ryde City Shopping Centre is a transformative addition to its real estate portfolio, marking another step in its evolution as a diversified global investment manager.

By combining institutional partnerships, disciplined valuation, and integrated management capabilities, the Group continues to demonstrate its strength in identifying and executing high-quality transactions that deliver consistent returns for investors.

With a growing portfolio, strong balance sheet, and favourable macroeconomic positioning, MA Financial remains well placed to capitalise on the next phase of Australia’s real estate cycle — balancing growth, resilience, and long-term value creation.