Growthpoint eyes Greensborough Plaza
Blackstone is understood to be close to selling Greensborough Plaza, marking its exit from the Australian retail sector.
It could be taking a loss, sources say, with the speculated c$350 million-plus deal.
It paid Lendlease $360m in 2013.
Growthpoint is believed to be the incoming buyer.
A result in this range is a discount on $400m expectations when the property was relaunched for sale in February.
The asset was also for public sale in 2022 seeking $420m.
Blackstone’s Australian retail portfolio was once estimated to be worth $3 billion.
Greensborough Plaza
Opened in 1978 as Greensborough Shopping Centre, with 28,000 square metres anchored to Kmart, the complex was rebranded Valley Central between 1990-1995 (continues below).
There is now 70,805 sqm of lettable area – other major retailers include Aldi and Target – with185 specialty stores.
Moving annual turnover is c$365m.
Blackstone undertook a $30m renovation in 2014 adding amongst other things a playground surrounded by children’s store retailers, a dining precinct and upgrading the Hoyts Cinema.
The 6.7 hectare site also contains 2700 car parks.
The airspace has previously been marketed for its potential to accommodate apartment towers.
CBRE’s Simon Rooney with JLL’s Nick Willis and Sam Hatcher were the agents.
Greensborough is about 17 kilometres north east of Melbourne’s CBD.
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