KUALA LUMPUR: Sime Darby Bhd is acquiring business assets and properties of three luxury car dealerships in Parramatta, Sydney, from Australian retailer Trivett for A$112 million (RM321 million).
In a statement released today, the conglomerate said its subsidiary, Sime Darby Motors (Australia) Pty Ltd, had entered into binding agreements with Trivett to acquire the three dealerships, which represent the BMW, MINI, Volkswagen, Jaguar and Land Rover marques in Parramatta.
The company said the acquisition was in line with Sime Darby Motors’ strategy to expand in the Australian retail luxury segment while strengthening its presence and brand visibility in one of Sydney’s most recognised automotive retail locations.
The acquisition is expected to be completed in early December this year.
The conglomerate said the deal would add Volkswagen, Jaguar and Land Rover to the group’s list of marques in Australia.
“The proposed investment is aligned to Sime Darby Motors’ strategy to expand via mergers and acquisitions, targeting the retail luxury and super-luxury segments, particularly in large markets like Australia,” said Sime Darby Motors Australia and New Zealand managing director Patrick McKenna.
He said the addition of dealerships to the company’s existing Porsche Parramatta operations would expand its scale in the retail luxury business at one of Sydney’s most recognised automotive retail locations.
“Following close on the heels of Sime Darby Bhd’s announcement on the purchase of the trans-Tasman Gough Group, this acquisition shows the group’s long-term commitment to investment in Australasia,” he added.
Sime Darby said the acquisition would be funded by bank borrowings and was subject to the approval of the Foreign Investment Review Board of Australia.