JY Group buys another shopping centre stake
JY Group has bought another shopping centre half stake, this time in Sydney’s south west.
The interest in Bankstown Central, from Challenger and the Abu Dhabi Investment Council, cost $320 million.
The vendors acquired it as part of a $602m portfolio with four more malls.
Vicinity Centres is the co-owner.
Elanor was the fund manager.
JY and Vicinity co-control other shopping centres amongst them, for three years, Carlingford Court.
Big site, development upside
The outlay for Bankstown Central reflects a six per cent yield; it contains 78,530 square metres anchored to Big W and Myer. There are also over 3000 car parks.
The 11.4 hectare North Terrace site was recently fast tracked by the Housing Development Authority as appropriate for residential; a recent proposal backed by Coronation Property contained 1300 dwellings.
Longer term, the property is set to accommodate a Metro station and university.
CBRE’s Simon Rooney was the agent.
The deal comes four years since JY acquired a 50pc stake in Roselands Central from Challenger.
The asset manager, formed and led by Kai Zhang, also holds interests in shopping centres with Haben.
Bankstown is about 19 kilometres from Sydney’s CBD.
Subscribe to our newsletter at the bottom of this page.
