Another asset forming part of the AMP Shopping Centre Fund – the management of which was recently taken over by Dexus – is selling for below expectation.
The half stake in Stockland Townsville, which hit the market in February, is speculated to be trading for about $125 million – some 17 per cent less the co-owner Stockland’s ($150m) June, 2022, valuation.
Sydney-based Haben is the buyer, believed to have recently completed due diligence; a representative declined to comment, as did the marketing agents, JLL’s Sam Hatcher and Nick Willis.
The deal comes a month since another ASCF asset, a half stake in the Rockingham Centre, south of Perth, traded to IP Generation for $180m – a c8.5 per cent yield.
That was another disappointing result for the vendor, with AMP Capital picking it up in late 2017 – a property peak – for $305m at a six pc return.
Stockland developed the Townsville centre, at Aitkenvale, in 1987 – extending the Nathan Plaza, which was completed 17 years earlier.
In 2012, it added to the footprint, picking up the Coles Kmart Plaza, on 4.2ha across the road.
This asset was included when AMP Capital acquired its interest from Stockland for $227.8m in 2014 – but sold by the partners, last January, to a syndicate led by Sydney-based John Dalley’s Beenlee Capital for $47.25m.
On 9.9 hectares with 2251 car parks, the balance contains 44,994 square metres with three anchors: Myer – which occupies 12,023 sqm and is said to be the only department store within 345 kilometres – Big W (6559 sqm) and Woolworths (4234 sqm).
Including seven mini-majors – tenanted to, amongst others, Best & Less, Cotton On, Country Road, Priceline, Rebel and The Reject Shop – a dining precinct and 130 specialty stores, the Weighted Average Lease Expiry by income is 8.2 years.
It was last refurbished in 2012 (story continues below).
About 2.6ha of the holding is developable.
Aitkenvale is about 10 kilometres south west of the city centre.
Haben buys again
Edgecliff based retail investor and manager Haben, founded in 2009 by Harold and Ben Finger, has been one of the most active investors throughout the COVID pandemic.
Early last year, the group paid Savills Investment Management $47m for Brisbane’s The Station Oxley.
It also owns two ex-Stockland malls in Queensland: Caloundra Shopping Centre, and Cleveland Central.
Late last year we reported the company, with JY Group, paid Blackstone $256.5m, reflecting an eight pc return, for Forest Hill Chase, 18 km east of Melbourne.
That partnership also controls Narre Warren’s Casey Central, in that city; it cost $225m in 2021.
Haben independently owns Doncaster East’s The Pines – another ex-Stockland asset – and Croydon Central, too.
In New South Wales, Haben’s book includes assets in Newcastle, at Jesmond and Wallsend, and Wollongong and in Sydney, at Newtown and Seven Hills.
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