LEND Lease Retail Partners 3 Fund has paid $46.5 million for the Northgate Shopping Centre in Geraldton, Western Australia. Supermarket giant Coles, and variety store Target anchor the large centre which also includes 36 specialty shops. The closed ended fund now has five assets in its portfolio,worth a total of $411 million, according to theRead more
THE FUTURE Fund has paid £200 million ($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.Read more
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.
GOLD Coast’s Miami One Shopping Centre has been listed for sale.
Assuming a retail yield of about 8 per cent, the centre would sell at a price of about $22 million.
Below is an announcement about the listing, by the selling agent.Read more
SYDNEY based fund manager Charter Hall has paid $32.5 million for the Lansell Plaza near Bendigo in regional Victoria. The purchase, from the Centro Group is expected to settle at the end of January. According to the AFR which reported the deal, the shopping centre (black and white image from the National Gallery of Victoria)Read more
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.Read more
AUSTRALIAN 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.Read more
The beleagured Centro Properties Group has offloaded a shopping centre in the small Victorian coastal hamlet of Rosebud, about 80 minutes south of Melbourne. The Rosebud Shopping Centre sold for $13.14 million, a figure less than its already battered December 2008 book value. Centro listed the Rosebud asset for sale at the same time itRead more
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.Read more
HEIDELBERG’s Warringal Shopping Centre on Burgundy Road has been sold to private investors Tagon Administrators for $30 million.
The single-storey, 11,722 square metre complex is the latest to be offloaded by beleaguered shopping centre manager Centro, which paid $11.4 million for Warringal in 2001, according to the Property Council of Australia’s Shopping Centre Directory.