shopping centre sale

David Murray
Real Estate News 

Future Fund Pays $A375 Million For Stake in The Bullring Shopping Centre, Birmingham, UK

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David MurrayTHE FUTURE Fund has paid £200 million ($A375 million) for a stake in UK’s most visited regional shopping centre, The Bullring, in Birgmingham.

The Fund Fund – which exists to generate income to pay the government’s unfunded upcoming superannuation commitments – has purchased a 33 per cent stake in the centre at a low yield of 7 per cent. Two years ago, at the peak of the property boom, prime UK shopping centre yields were about 4.75 per cent.

The $61 billion Future Fund is directed by former Commonwealth Bank of Australia executive David Murray (pictured), and headquartered in Melbourne.

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Western Australia 

CFS Frontrunner to Buy Perth’s Lakeside Joondalup SC For $450 Million

COLONIAL First State Global Asset Management is understood to be in negotiations to buy Perth’s Lakeside Joondalup Shopping Centre in Perth for about $450 million.

The speculated sale price equates to a yield of about 7 per cent, and a markdown of $40 million, from the shopping centre’s $490 million valuation in June.
Other institutions reported as being interesteed in buying the centre include Lend Lease’s Australian Prime Property Fund and the Future Fund, which recently sold a substantial amount of Telstra shares.

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National 

Woolworths to Sell $100 Million in Australian Property Assets

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SUPERMARKET giant Woolworths will try to sell more than $100 million in assets for sale, as it prepares to ramp up its resources for its new Australian hardware sector partnership with US-based Lowes Group.

Woolworths has listed for sale sell three shopping centres, including Sydney’s Thornleigh Marketplace and Pemulway Marketplace – expected to reap about $50 million combined – and one in Queensland’s Caloundra.

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Footscray Plaza
Victoria 

Australian Unity Sells Footscray Plaza Shopping Centre For Speculated $20 Million

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Footscray PlazaAUSTRALIAN Unity is understood to have made about $20 million from the sale of its Footscray Plaza complex, at a busy intersection, in the burgeoning western suburb.

Private development company Banco Group, headed by Mario Lo Guidice, confirmed he purchased the 13,968 square metre plaza, at the busy corner of Paisley and Albert streets.

Coles and K-Mart are the two biggest tenants in the centre, occupying about 84 per cent of Gross Lettable Area.

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Victoria 

Mirvac Sells Assets in Doncaster, Maitland, For $27.4 Million

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MIRVAC Real Estate Investment Trust has sold two investments for a combined total of $27.4 million.

In Melbourne, the group offloaded the Doncaster Corporate Centre at 591 – 609 Doncaster Road for $17.3 million. The sale includes a purpose built Silverstone Jaguar showroom and three office buildings. CB Richard Ellis was marketing agent for this property.

Mirvac also sold the Pender Place Shopping Centre in the NSW Hunter Valley town of Maitland for $10.1 million – about the same price it was purchased for in 2007.

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