ASX-listed investment manager Centuria Capital has bought a A$202m (€128m) suburban retail complex in Queensland for the GIC-backed Daily Needs Retail (DNR) fund.

Centuria will co-invest alongside GIC in the West Village asset, which forms part of a A$1.1bn master-planned mixed-used project, under development by Japan’s Sekisui House in the Brisbane suburb of West End.

Jason Huljich, Centuria Group joint CEO, said: “West Village builds on an existing A$313.3m of quality retail assets within our existing DNR mandate.”

Centuria inherited management of the Daily Needs Retail vehicle when it acquired Perth-based asset manager Primewest last year.

Primewest had at least two mandates from GIC. The first was in 2017 when GIC backed the launch of the Primewest Counter Cyclical Trust, which acquired Exchange Tower in Perth for A$326m from AMP Capital.

In 2020, the Singapore wealth fund mandated Primewest to buy convenience shopping centres through the Daily Needs Retail vehicle, which has since acquired half a dozen assets across several states.

To read the latest edition of the latest IPE Real Assets magazine click here.