LaSalle Investment Management has sold two large-format retail centres in Sydney to the listed Aventus Retail Property Trust for about AUD400m (€267m).
LaSalle paid a total of AUD244.5m for the two Home Hub Centres when they were purchased separately in 2012 and 2015.
They are located in the northern Sydney suburbs of Castle Hill and Marden Park.
Home Hub Castle Hill, one of Australia’s biggest large-format centres, was bought for the LaSalle Australian Club Investment Trust in 2012.
Members of the investment club included four Australian industry superannuation funds: AustSafe Super, Club Plus Super, Energy Super and Intrust Super.
LaSalle said the strategy was to acquire the Castle Hill asset and add value through active management. Home Hub Marsden Park was an extension of the mandate, it said.
Chris Forbes, head of funds management for Australia at LaSalle, said: “The sale represents a strong endorsement of our investment strategy and we are pleased to have created long-term value for our investors.”
Adventus, which floated on the Australian stock exchange in 2015, went into a trading halt today in anticipation of a placement to raise AUD215m to part-fund the acquisition.
The company, which specialises in large-format retail, bought five home maker centres from Blackstone for AUD219m a year ago.