Asset managers trade stake in Adelaide’s biggest mall
JY Group is in advanced negotiations for a half stake in Adelaide’s largest and only Super Regional classified shopping centre.
Westfield Marion was offered in January by Singapore based Cuscaden Peak.
The deal is worth $670 million.
CBRE’s Simon Rooney with JLL’s Nick Willis and Sam Hatcher are the agents.
Cuscaden Peak breaks even
On 22.8 hectares zoned Urban Activity, Westfield Maron contains 138,000 square metres anchored to Aldi, Big W, Coles, David Jones, Event Cinemas, Myer, Target and Woolworths.
There is also a Bunnings (continues below).
Cuscaden Peak paid Lendlease, on behalf of the Australian Prime Property Fund, $670m in 2019.
At the time the Singapore group was known as SPH REIT Management.
SCentre is the co-owner and manager.
It is the country’s 11th largest shopping centre by size with a moving annual turnover some 60 per cent higher than its nearest South Australian competitor.
More to come.
Subscribe to our newsletter at the bottom of this page.
