KUALA LUMPUR: Sime Darby Bhd has acquired the business assets and properties of three luxury car dealerships in Sydney, Australia for A$112mil (about RM321mil) in a bid to expand in the country's retail luxury segment.
The group said in a statement that the dealerships represent the BMW, MINI, Volkswagen, Jaguar and Land Rover marques.
With the purchase, Sime Darby Motors will have enhanced presence and brand visibility in Parramatta, which is one of Sydney's most recognised automotive retail locations, it said.
The purchase agreements were entered into by Sime Darby Motors Sdn Bhd and Trivett, the automotive retail unit of Inchscape Australia Ltd.
The proposed acquisition is expected to be completed by early December 2019.
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