Morgan Stanley makes maiden Australian retail play
Morgan Stanley on behalf of its Real Estate Investing arm, has made its maiden Australian retail investment, taking a stake in a Stockland-backed convenience centre portfolio.
The three neighbourhood town centres – Stockland Gables in Sydney’s Hills District, Stockland Providence in Queensland’s Ripley Valley, and Stockland Sienna Wood in Perth’s southern corridor – are worth a total $220 million.
Each sits within a master-planned residential estate, anchored by a major supermarket.
JLL’s Luke Prokuda, Sam Hatcher and Mike Pyke brokered the off-market deal.
The deal comes four months since we reported Morgan Stanley sold a Melbourne industrial asset held with Centuria under a four year partnership.
Last year meanwhile, Morgan Stanley teamed with Frasers Property Industrial on an eight asset portfolio worth c$600m.
Maiden retail play
Gables services an established north-west Sydney growth corridor with a neighbourhood town centre anchored to Woolworths with 30 specialty stores.
Opened in October – when it was valued at c$95m – there is some 9400 square metres of lettable area.
The circa-eight hectare site contains c300 car parks.
The Gables estate, which is taking shape, is expected to accommodate c13,000 residents (continues below).
The first stage of the Providence Town Centre, within south west Brisbane’s Ripley Valley Priority Development Area, contains c8300 sqm with a Coles, 140-place childcare and 30 specialty stores.
Also with over 400 car parks – 100 being shaded bays – it was valued at c$65m when it opened in May.
The housing estate it services is expected to accommodate over 20,000 residents upon completion.
The final asset, Stockland Sienna Wood, forms part of Perth’s southern growth corridor.
Woolworths is again the anchor. There is c7500 sqm of lettable area also with 15 specialty stores, a medical centre and Nido childcare centre.
Also with over 300 car parks, it was valued at $60m when it opened, also in May.
Stockland will retain the balance interest in the three assets.
It will also continue as development and asset manager under the partnership.
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