Australian fund manager Centuria Capital has acquired the Manning Mall shopping centre in NSW’s central coast for A$34.85m (€21m) for Centuria Manning Mall Fund (CMMF), a new single-asset, closed-ended wholesale fund.
Centuria said it was able to secure a 62% discount to replacement cost in the transaction for the subregional shopping centre located in Taree. It is anchored by supermarket chain Coles, on a long-duration lease.
Jason Huljich, Centuria joint CEO, said, “Manning Mall provides a counter-cyclical investment opportunity for our broad network of wholesale and high net worth investors.”
Bruce McCully, Centuria’s head of retail, added: “Centuria has significant experience in successfully executing value-add strategies across the retail sector. In addition to capturing tailwinds from an expanding local population, we believe Manning Mall will benefit from repositioning its tenancy mix to better align with local customer demographics.”
The new five-year fund has a targeted equity raise of A$21m. The transaction is expected to settle in December.
To read the latest IPE Real Assets magazine click here.
