Home Consortium managed HomeCo Daily Needs REIT, which listed this week, is paying QIC Global Real Estate $48 million for shopping centre Marsden Park, south east of Brisbane.
The purchase price reflects a fully let 6.75 per cent gross yield.
Anchored by the largest Coles supermarket in the region, and with two mini-majors, six kiosks and 36 specialty shops, the single storey complex underwent a $4m makeover five years ago.
It contains 8283 square metres of lettable area, 542 car parks, many covered by sails, and a pad site.
On 5.8 hectares at 57-77 Chambers Flat Road, Marsden, the property is within a growth corridor connecting Brisbane to the Gold Coast (story continues below).
In 2013, QICGRE proposed a $60m expansion of the retail area to 23,000 sqm – adding a major, five minis and 35 smaller tenancies.
HomeCo will use debt facilities to fund its acquisition.