Abu Dhabi Investment Corporation (ADIC) and Challenger Life have sold their combined half share in a major Sydney shopping centre, Bankstown Central, to JY Group for A$320m (€179m).
ADIC and Challenger Life have owned the stake in the asset in Sydney’s southwest since 2013. Vicinity Centres, which holds the remaining 50% stake in Bankstown Central, continues to manage the centre after the sale.
Sydney-based JY Group, controlled by a Hong Kong company, transacted the deal at a yield below 6% and Bankstown Central has become its third co-investment with Vicinity Centres.
With the latest acquisition, JY Group’s Australian shopping centre assets to more than A$3.5bn following the acquisition of a 50% interest in Sydney’s Warriewood Square in late 2024.
CBRE’s Head of Retail Capital Markets – Pacific, Simon Rooney who was exclusively appointed to steer the off-market Bankstown Square sale process, described Bankstown Central as a dominant major regional shopping hub in Sydney’s rapidly growing south-west.
Vicinity Centres is seeking approval from the planning authorities to transform the centre into a mixed-use project, with a residential component.
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