Centro Properties Expected to List $4 Billion Portfolio

CENTRO Properties Group is expected to list for sale a $4 billion portfolio of prime retail assets, as its bankers call for the company to settle its debts.

It’s expected Perth’s Galleria complex, and The Glen, in the south-east Melbourne suburb of Glen Waverley will be two of the 40-plus assets offered for sale.

Lend Lease, Colonial First State Global Management and AMP Capital Investors are expected to be in the mix of prospective purchasers, though the sale might also be on an individual shopping centre basis.

Read more

Dee Why Grand SC Sells For $68 Million

DEE Why’s Grand Shopping Centre in Sydney has sold to a private investor for $68 million.

The 10,000 square metre centre, with 30 specialty stores on Sydney’s northern beaches, was offloaded by grocery wholesaler John David and hotel owner the Bayfield family.

Institutions including Charter Hall, Colonial First State, the Future Fund and Lend Lease reportedly threw their hat in the ring for the centre, which sold on a yield of between 7.5 and 8 per cent, based on a fully let income.

Read more

Penrith’s Glenmore Park SC Sells For $40 Million

AMP Capital Investors has offloaded its Glenmore Park shopping centre near Penrith for a reported $40 million.

The purchasers, a family syndicate called Village Fair Group, plan to expand the centre to include a discount department store and about 30 specialty shops.

The 4.5 hectare site includes as tenants: Woolworths, McDonald’s, ANZ and Australia Post.

Read more