Aware Real Estate has agreed to acquire a 50% stake in a sub-regional shopping centre in Australia from financial group Challenger for around A$65m (€42m).

The property arm of Australian superannuation fund Aware Super will own Sunshine Marketplace in Melbourne alongside Vicinity Centres.

Challenger called for offers for the asset – situated on 12 hectares of land – in an international sales campaign launched last September.

When Challenger acquired the asset in 2013 for A$91m, it was reported that the Australian company was buying the asset on behalf of an investor client, believed to be Abu Dhabi Investment Authority.

Michelle McNally, CEO of Aware Real Estate, said: “The transaction is consistent with Aware Real Estate’s focused investment strategy to target locations around existing and new infrastructure that we believe will drive long-term demand, underpinning capital growth”.

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