Australian property manager ISPT has acquired the Northshore Marketplace shopping centre in Northern Queensland from Clarence Property.
The asset acquired on behalf of the ISPT Retail Australia Property Trust (IRAPT), allows ISPT to grow its exposure to the key Townsville growth corridor while strengthening its footprint of Woolworths supermarkets within its portfolio, according to the manager.
Kate Mathewson, fund manager, ISPT Retail Australia Property Trust, said: “The acquisition of Northshore Marketplace increases IRAPT’s exposure to high-quality, non-discretionary grocery-anchored retail assets located in dominant catchments across Australia.”
ISPTsaid a key consideration for acquiring the asset was the proximity of the centre to its high-performing assets, including Deeragun Village and Thuringowa Village.
With other assets nearby, ISPT would be able to integrate Northshore Marketplace within its existing management resources of nearby centres, the manager said.
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