Revelop buys trio of Sydney malls
Revelop has expanded its Sydney retail holdings with the acquisition of three neighbourhood shopping centres – two anchored to Coles, the other, Woolworths.
Kareela Village (pictured, top) in Sydney’s south, Quaker’s Court in the north west and Ingleburn Village, in a south west corridor, cost $126.3 million.
Together the assets contain more than 20,000 square metres.
There are nearly 60 specialties.
JLL’s Sam Hatcher, Nick Willis, Sebastian Fahey and David Mahood represented the vendor, local families which held over 30 years.
They said it is Sydney’s largest neighbourhood shopping centre portfolio sale in more than a decade.
Trio of neighbourhood malls
Coles anchors the Kareela complex, on 1.3 hectares (continues below).
It also anchors Ingleburn Village, on 1.77ha – and the largest of the three assets by area.
Revelop co-founder and managing director, Anthony El-Hazouri, said the centres service local communities daily.
“In a market where quality neighbourhood shopping centres are tightly held and rarely traded, this acquisition represents a significant milestone for our business and reinforces our long-term confidence in the convenience retail sector,” he added.
“These centres tick all the boxes for us – strong locations, leading supermarket anchors, established customer loyalty and clear opportunities to unlock additional value through hands-on ownership,” according to the executive.
“These centres complement our growing Sydney network and provide a unique opportunity for future enhancement and value creation…they are well-positioned assets with strong retail fundamentals, quality amenity and an important role within their respective communities”.
Co-founder and managing director, Charbel Hazzouri, said “this acquisition expands our Sydney footprint and reinforces our confidence in the long-term strength of convenience retail…we’re excited to partner with retailers and local communities to continue improving these centres and building on their success”.
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