The Dexus Wholesale Property Fund (DWPF) has sold a 44,507sqm shopping centre in the largest Northern Australian city of Townsville to the Melbourne-based fund manager Fawkner Property for A$212m (€129m).
The asset, Willows Shopping Centre, has added to Fawkner’s shopping portfolio of 11 centres acquired since 2018 in several states, and valued at A$2.1bn.
Fawkner Property founder Chris Garnaut said: “This is a strategic acquisition, which tends our foothold in central and Far North Queensland and will allow us to capitalise on the synergies of owning a high-quality retail portfolio in a fast-growing market.”
Simon Rooney, CBRE’s head of retail capital markets – Pacific, acted on behalf of Fawkner Property to negotiate the transaction with Dexus-managed DWPF.
“As interest rates potentially move into a stabilisation phase, private capital, which has dominated this investor space over the past two years, is moving quickly to secure high quality, large retail assets at compelling returns as this window of opportunity begins to close,” Rooney said.
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