Adelaide billionaire buys another mall

Also today we are reporting a half stake sale of Melbourne’s Cranbourne Park.
The Arndale site spreads 10.7 hectares.

Nick DiMauro has bought another major shopping centre, this time in his home town of Adelaide.

Arndale Shopping Centre is costing $128 million from MA Financial.

Colliers’ Lachlan MacGillivray and Matthew Lane with Matthew Lane from Dulwich Lane were the agents.

The deal comes three months since Mr DiMauro paid Challenger Group $82.5m for Hobart’s Chanel Court.

Also today we are reporting ISPT is selling a half interest in Melbourne’s Cranbourne Park shopping centre for nearly $130m.

That buyer is also a private investor – Chris Lock’s IP Generation.

Arndale Shopping Centre

MA paid $152m for Arndale Shopping Centre at 460-470 Torrens Road, Kilkenny, in 2014 (story continues below).

About 7.5 kilometres north west of Adelaide, the site spreads 10.7 hectares.

With 39,710 square metres, the improvement covers just over a third.

Aldi, Big W, Hoyts and Woolworths are the anchors. With specialty stores, the weighted average lease expiry by income is 7.4 years

There are also about 1900 car parks.

Mr DiMauro owns about 23 centres including in New South Wales, Queensland and Western Australia.

With New Zealand assets too, the portfolio is speculated to be worth c$1.3 billion.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.