Frasers sells near-new Mambourin Marketplace
Less than a week after selling a half-stake in Melbourne’s enormous Watergardens, QIC has reinvested a portion into a smaller shopping centre, further west.
Mambourin Marketplace set it back $53.87 million following an off-market deal settled late last month.
Frasers Property Australia seller.
The Singapore listed group was also the developer – opened last September, the 7500 square metre Coles-anchored complex contains 25 specialties.
On 3.07 hectares also exposed to Black Forest and Barrabool roads, with 345 car parks, it is the first retail stage of a broader town centre precinct.
The retail component of the next phase can be undertaken on the property.
Part of the relatively new Mambourin suburb, developed from former rural land near Werribee and Wyndham Vale, about 38 kilometres from the CBD, the centre serves a catchment expected to exceed 90,000 within a decade.
Maiden Victorian asset for new fund
Frasers had previously estimated Mambourin Marketplace’s value at c$60m.
The deal comes four months since it sold another near-new shopping centre – the Ed Square Town Centre at Edmondson Park in Sydney, to the Lowy family-backed Assembly Funds Management and PGIM Real Estate (continues below).
In May Frasers it shed the Eastern Quarter complex, with a discount outlet mall, supermarket and large format retail investment, again in Sydney, to Vicinity Centres.
Earlier this year meanwhile the group offloaded its Brickworks complex, in Melbourne’s Burwood East.
HMC Capital was that buyer, for $107.25m.
This centre opened in 2019.
QIC will hold Mambourin Marketplace in the Everyday Retail Fund which was recapitalised last year.
It is the first Victorian property for the trust.
Targeting supermarket-anchored convenience assets, it also holds The Albany in Sydney’s Crows Nest.
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