GIC offloads another shopping centre stake

Also today we are reporting Westpoint Blacktown is selling for c$900 million.

Singapore sovereign wealth fund GIC is selling another half stake in an Australian shopping centre, this time in Perth.

JY Group is believed to be buying the interest in Westfield Whitford City, for about $200 million.

The Hillarys site spreads 23.5 hectares.

The result falls short of the $240m value co-owner and manager SCentre attached to it in December.

That appraisal assumed a 7.96 per cent yield or 6.75pc capitalisation rate.

The price is also less than the c$250m guide attached to the asset when it was listed last June.

Greenpool Capital paid Vicinity $76.25 for Dianella Plaza late last year.

Any deal would come nine months since GIC sold a 49pc stake in Sydney’s Chatswood Chase to Vicinity for $307m – a dramatic loss on the $562.3m it paid six years earlier.

In 2021 meanwhile the offshore group divested a half stake three Sydney CBD retail assets to Link REIT for a total $538.2m.

Westfield Whitford City is at Hillarys, 20 kilometres north of Perth.

Westfield Whitford City

Westfield Whitford City contains 84,940 square metres, anchored to Aldi, Big W, Coles, Kmart and Woolworths, and over 260 specialty stores.

There is also an eight screen Event Cinema and bowling alley (story continues below).

A refurbishment in 2017 cost the owners about $80m.

Fawkner Property and Pacific Alliance Group recently bought Midland Gate.

Part of the block is permitted for 97 apartments and an office.

On 23.5 hectares, there are also 4107 car parks.

Colliers’ Lachlan MacGillivray is the agent.

The sale would be the latest in a string in Perth over the past 18 months, coming a week since we reported Vicinity was buying a 50pc interest in Lakeside Joondalup for $420m.

Melbourne’s IP Generation, led by Chris Lock, and Fawkner Property, have also recently bought malls in the Western Australian capital.

The latter last month ventured to Karratha, in the state’s north, for its latest asset – Karratha City – which cost it $95.9m from Elanor and Vicinity.

Greenpool Capital, Pacific Alliance Group, or PAG, and Realside are amongst other buyers.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of