Australian real estate fund manager Centuria Capital has sold two regional daily-needs retail centres on the Central Coast in NSW for a combined A$71m (€40m).
The assets were held in two close-ended funds which will be wound up following settlement of the divestment.
Centuria acquired Belmont Citi Centre in November 1996 for A$12m and has exchanged contracts to sell for A$40m. The second centre, Lisarow Plaza, was acquired in 2017 and it sold for A$31m.
Bruce McCully, Centuria head of retail, said: “Domestic retail is experiencing a recent renaissance as expanding net migration is driving population growth in key metropolitan and regional hubs.
“Both Lisarow and Belmont are within a two-hour drive from Sydney and part of the Central Coast community, which is anticipated to grow more than 18% by 2046. These daily-needs retail centres are indicative of the strong investment appetite for quality retail precincts that service a growing community.”
Jesse Curtis, Centuria head of funds management, said Centuria continued to seek out well-performing retail assets that benefit from macroeconomic tailwinds.
“In the past 18 months, we have acquired A$220m of retail assets across Australia. As our long-held funds come to term, Centuria continues to provide new, compelling investment opportunities to the benefit of our investors,” Curtis said.
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