German pension fund divests east coast shopping centres
Germany’s biggest pension fund, also the primary administrator for the country’s public sector, has quietly sold three east coast shopping centres held over a decade.
Represented by LaSalle Investment Management, BVK is banking about $360 million for Bonnyrigg Plaza in Sydney, Summerhill Plaza in Melbourne, and Morayfield Centre in Brisbane.
Charter Hall is the buyer for the unlisted Convenience Retail Fund (CCRF).
The price would reflect a 5.5 per cent fully let net market yield, sources say.
Also today, IFM Investors has sold another retail investment acquired with its takeover of ISPT in December – a majority stake in Brisbane’s ex-Myer Centre – to co-owner Vicinity, valuing the complex at $283m.
Charter Hall backs retail again
Charter Hall has recently been an active shopping centre investor, last year picking up three triple-supermarket-anchored malls, including the landmark Burwood One in Melbourne, where Australia’s first Kmart opened in 1969.
It also bought three malls – two in Queensland, one in New South Wales – outlaying $250m.
Its latest assets include Bonnyrigg Plaza, which LaSalle bought from Con Makris in 2014 for $80 million.
On 6.9 hectares with about 700 car parks, it was developed in 1986 and extended as part of a refurbishment seven years ago.
With 22,226 sqm, Big W and Woolworths are the anchors. There are also about 50 specialty stores.
Bonnyrigg is about 30 kilometres west of Sydney’s CBD (continues below).
Morayfield Super Centre
The Morayfield Super Centre cost LaSalle $75m in 2015.
On 7.95ha at 312–344 Morayfield Road, it contains c28,000 sqm.
Woolworths and Spotlight are among the occupiers. There are over 750 car parks.
In the Moreton Bay region, Morayfield is about 40 km north of Brisbane’s CBD.
Summerhill Shopping Centre
Summerhill Shopping Centre at Reservoir, 12 km north of Melbourne’s CBD, cost LaSalle $85m in 2015.
It had only just opened. Local developer and investor Les Smith, with Qualitas, were the builders and sellers.
On 4.2ha at 850 Plenty Rd, it contains 15,600 sqm anchored by Aldi and Coles with a 5,440 square metre Kmart trading 24 hours. There are also over 650 car parks.
Upon settlement, CCRF will manage real estate worth $3 billion.
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