Australia’s First State Super has sold two of a portfolio of four retail centres for AUD282.4m (€174.4m)
A domestic investor Arkadia Capital Group, acquired Homemaker The Valley in Brisbane for AUD170m. Another investor, Aventus Property Group, acting for a private mandate bought Homemaker Greenway and Greenway Plaza in Sydney’s West for AUD112.4m.
First State Super had acquired the assets through its Sydney-based asset manager Altis Property Partners. The assets formed part of First State Super’s Large Format Retail (LFR) portfolio.
IPE Real Assets understands the centres were purchased under a mandate from the super fund to Altis. The mandate value before the sale was more than “more than AUD400m”.
Paul Notaras, principal of Altis Property Partners, told IPE Real Assets said the mandate was to “buy and fix” these centres.
He said The Valley and Homemaker Greenway Plaza centres were purchased for around AUD190m in 2013 and 2015 respectively.
The third centre is currently under negotiation with two parties and is expected to sell - again at a handsome capital gain.
Notaras said it has been decided to withdraw the fourth asset from sale.
Simon Rooney, JLL’s Australasian head of retail investments, said: “Investors are attracted to LFR because of the gradual evolution of the sector as the tenant profile diversifies - and for the long-term future redevelopment potential the sector offers.”
No comments yet