Assembly, PGIM buy another major shopping centre
The Lowy family backed Assembly Funds Management has teamed with PGIM Real Estate for another shopping centre, this time in Sydney.
The partnership is paying $248 million for the Ed Square Town Centre at Edmondson Park.
Frasers Property Australia is the seller and developer.
The complex forms part of the mixed-use Ed Square precinct.
Proceeds will be put to the other projects.
The deal comes three weeks since realestatesource.com.au reported FPA bought two housing estate sites, in Geelong and on the Gold Coast.
In May it sold another recently completed Sydney mall, supermarket and large format retail complex – the Eastern Creek Quarter.
Vicinity Centres was that buyer, it is believed with plans to open the state’s first DFO.
Also this year FPA sold Melbourne’s Burwood Brickworks complex – completed in 2019 – in Burwood East.
HMC was that purchaser.
Assembly, PGIM buy another asset for fund
Opened in 2021, the Ed Square Town Centre contains 28,000 square metres anchored to Coles and Event Cinemas, with 89 specialty stores.
Occupancy is 99.4 per cent (continues below).
There are also 926 car parks.
The mall connects directly to Edmondson Park train station.
Ed Square also has an immediate catchment in 427 apartments.
A total 1800 dwellings are expected as the 25 hectare project is completed.
CBRE’s Simon Rooney and James Douglas were the agents; the asset was listed three months ago.
The property will sit within the diversified ADPF2 fund.
The deal comes 16 months since realestatesource.com.au reported Assembly and PGIM bought the Woodgrove shopping centre, in Melbourne’s west Melton.
Spanning 27.3 hectares, that asset cost $440.5m.
QIC was that seller.
That complex is also held by ADPF2.
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