EG is paying Invesco $215 million for a half stake in Brisbane’s Grand Plaza shopping centre.
The off market deal for the Browns Plains complex could reflects a 5.25 per cent capitalisation rate.
Invesco broke even – paying $215m for its interest in the triple supermarket anchored asset in early 2018; that seller was the Future Fund and Canada Pension Plan Investment Board via a Vicinity managed wholesale trust.
Vicinity owns the balance of the property – a stake it valued last June at $182m.
Browns Plains is about 30 kilometres south of the CBD.
Developed in 1994 and last refurbished 15 years ago, Grand Plaza at 27-49 Browns Plains Road contains 53,375 square metres of gross lettable area anchored to the three major supermarkets, Big W, Event Cinemas and Kmart.
With about 140 specialty stores, the Weighted Average Lease expiry is 2.7 years (story continues below).
Vacancy is just shy of three per cent.
There are also 2667 car parks.
The sale comes two months since YFG Shopping Centres paid Blackstone $257m for the Strathpine Centre, across town.
Like Grand Plaza, that asset is triple supermarket anchored – and similar in size (47,500 sqm with 2760 car parks).
It traded at a six per cent yield.
Subscribe to our newsletter at the bottom of this page.