Australian property manager Charter Hall has acquired Southport Park Shopping Centre in Queensland for A$152.5m (€86m) from JV Management, controlled by private investor John Van Leishout.
The recently refurbished 19,900sqm shopping centre is situated on 6.5 hectares of land in Southport, the main business hub of the Gold Coast.
With the latest acquisition, Charter Hall now owns 40% of neighbourhood shopping centres nationally.
Charter Hall Retail CEO, Ben Ellis, said the convenience centre benefits from its triple supermarket anchors and offers future value-add opportunities given low site coverage, adding that with strong major trading performance and attractive net lease structures, it’s expected to deliver accretive returns.
Ellis said: “This acquisition continues the successful growth of our A$2.5bn Charter Hall Convenience Retail Fund, focussed on high-performing neighbourhood shopping centres anchored by non-discretionary retailers.”
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