Australian property group Mirvac has sold a sub-regional Sydney shopping centre to local investor Revelop for A$158m (€102m).
Mirvac developed the Stanhope Village mall on the outskirts of Sydney’s north-western suburbs nearly 20 years ago.
Revelop co-founder Anthony El-Hazouri said, “Stanhope Village represents a key acquisition in Revelop’s ongoing retail strategy across New South Wales, South Australia and Victoria.
“The centre embodies unique attributes such as the convenience of a neighbourhood centre, but has the amenity of a sub-regional centre. Its location in the northwest growth corridor aligns with our key greenfield retail sites cross the Northwest and Sydney Metro basin.”
Revelop co-founder Charbel Hazzouri described the centre as “a true retail unicorn” which had proved its relevance and importance to the local community and continued to outperform all benchmarks.
Nick Willis and Sam Hatcher, JLL’s joint heads of retail investment, brokered the deal in the off-market sale on behalf of Mirvac.
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