Greenpool, Qualitas snap up balance of Runaway Bay
Five weeks after paying Perron Group $128 million for a half stake in Gold Coast’s Runaway Bay Shopping Centre – Greenpool Capital and Qualitas have snapped up the balance from Vicinity Centres.
The latest deal is worth slightly more – $132m – which Vicinity said is an 18 per cent premium to the June 30, 2021, book value.
The overall outlay ($260m) reflects a c6.5 per cent fully let yield.
CBRE’s Simon Rooney brokered both sales.
“Strategic off-market transactions such as Runaway Bay reinforce the ability for retail owners to secure competitive pricing and prompt transaction outcomes, with the deal being struck at a price above Vicinity’s most recent publicly reported book value,” the agent said.
“By acquiring the residual 50 per cent interest in the Runway Bay Centre, Greenpool Capital and Qualitas have strategically secured both management and development control of the centre, which occupies an under-utilised, 124,700sqm site and presents significant mixed-use development opportunities” (story continues below).
Vicinity chief executive officer and managing director Grant Kelly added “while Runway Bay has been a solid asset within our portfolio, this transaction reflects our willingness to recycle our capital into assets with better long-term growth prospects, in this case, in the same attractive catchment”.
Last month the group paid Lendlease $358m for a half share of the Harbour Town shopping centre at Biggera Waters, about two kilometres from Runaway Bay.
That asset will be co-controlled with Lewis Land Group.
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