IP Generation snaps up Lederer retail portfolio

IP Generation recently paid Vicinity $78.1m for Mildura Central.

IP Generation is paying businessman and Western Sydney Wanderers co-owner Paul Lederer c$300 million for six New South Wales shopping centres.

Two of the assets – Richmond Mall and Lederer Miranda – are in Sydney.

The others are at Cessnock, Corrimal, Goulburn and Gosford.

The latter – the Imperial Centre – has been the subject of a $345m mixed-use revitalisation plan incorporating a former Kibbleplex site, which is diagonally adjacent.

It is believed the vendor will retain that component.

IP Generation was founded by Chris Lock, who declined to comment as did JLL’s Nick Willis and Sam Hatcher, representing Mr Lederer.

IP Generation

Including the six new centres, IP Generation holds assets worth c$700m (story continues below).

The bulk of its retail portfolio is regional.

Two months ago it paid Vicinity $78.1m for Mildura Central – a price reflecting a circa-nine pc yield.

It acquired another shopping complex from the same vendor – Corio Central, near Geelong – for $101m in 2018 (a 9.4pc return).

Last week IP Generation announced it appointed Westfield and Scentre executive Greg Miles as director and co-owner.

The Lederer centres are understood to be trading on a blended six per cent initial yield.

The vendor still holds industrial, office and residential real estate.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.