MA, Vicinity trade retail investments worth $169m
MA Financial has confirmed the purchase of two east coast retail investments.
Vicinity is the seller.
As realestatesource.com.au reported last week the deal includes Taigum Square in Brisbane, for $120 million.
On 8.23ha, it contains 22,470 square metres last revamped in 2001 anchored by Big W and Woolworths with some 60 specialty stores and kiosks.
MA is also buying the ECQ XL component of the Eastern Creek Quarter shopping centre in Sydney’s west, for $49m.
Completed in 2022 as the second stage of the broader ECQ project it contains over 11,000 sqm anchored to 4WD Supacentre, Anaconda, Officeworks and RSEA Safety.
There are also seven large format retail tenancies, a café, two pad sites occupied by KFC and McDonald’s and 340 car parks.
Vicinity banks $169m
Vicinity paid Frasers Property Australia $400m for ECQ in May.
CBRE’s Simon Rooney brokered the on sale.
“ECQ XL represents a best-in-class large format retail investment within one of Western Sydney’s fastest-growing retail and logistics precincts,” he said (continues below).
“Investors were particularly attracted to its strategic location, quality tenant profile and long-term growth fundamentals,” he added.
Mr Rooney also marketed Taigum Square.
MA reweighs portfolio
MA Financial boosted its retail portfolio with its buyout of Chris Lock’s IP Generation last May.
In January it shed one of those assets – Mildura Central – for $130m.
Coincidentally, the group bought this asset from Vicinity too – for $81.1m in 2021.
Six months ago, MA divested Corrimal Village near Wollongong, for $103m.
In March the asset manager acquired the Gold Coast Marina and Shipyard from The Gay Group.
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