MA Financial has purchased another shopping centre, this time in Queensland.
Stockland Bundaberg at 115-119 Takalvan Street, Avoca, is costing $140m.
It will be renamed Sugarland Plaza.
CBRE’s Simon Rooney was the agent.
Stockland acquired the Bundaberg asset in two equal parts from AMP Capital – in 2014 (for $59.25m) and 2016 ($61.5m).
Formerly known as Sugarland Shoppingtown, the complex’s gross lettable area is 23,382 square metres.
Big W and Woolworths are the anchors.
JB Hi Fi and Best & Less are mini-majors.
There are also 71 specialty stores – including restaurants with outdoor dining – and 1281 car parks (story continues below).
Stockland valued the property at $137m in June, 2020; it assumed a 6.75 per cent capitalisation rate.
In mid-2019 it was appraised at $146m – on a 6.5pc rate.
“Our conviction in the centre is underpinned by its robust fundamentals including high exposure to non-discretionary spend and service-based retailers, well above average specialty productivity and very low occupancy rates,” MA managing director Richard Germain said.
“The competitive outcome is a function of the limited supply of high-quality retail offerings available for sale coupled with an increasing capital allocation to retail as an asset class, given the compelling comparative returns on offer,” Mr Rooney added.
The deal comes two years since the manager, under the brand of its Singapore based investment house SPH REIT, paid Lendlease $670m for a half-stake in Adelaide’s Westfield Marion.
MA’s hotel management division in July spent $54.5m on Bendigo’s All Seasons Hotel.
The company also recently acquired retail property services firm RetPro Group.
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