Mulpha paying Blackstone $160 million for Melbourne’s Brimbank Shopping Centre

Malaysia-based Mulpha is reportedly in due diligence to buy the Brimbank Shopping Centre, in Melbourne’s north-west, for about $160 million.

Blackstone offered the retail asset in May with price expectations of more than $170 million.

Based on the annual net rental return of $12.3 million, Brimbank Shopping Centre is selling on a yield of about 7.7 per cent.

CBRE’s Mark Wizel, Justin Dowers and Trent Weir marketed the centre, which occupies just a third of the 11 hectare site in Deer Park, about 17 kilometres from the Melbourne CBD.

The property failed to sell when it was previously offered by Blackstone in 2017 as part of a $4 billion portfolio of 11 shopping centres.

Blackstone acquired Brimbank Shopping Centre when it paid $613.3 million in mid-2016 for it, Forest Hill Chase in Forest Hill, and in Queensland, the Clifford Gardens Shopping Centre, in Toowoomba.

The AFR, in this item, is reporting the disposal of the Deer Park asset to Mulpha.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco
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