Singapore’s GIC and ASX-listed SCA Property’s Australian retail mall investment venture has bought a suburban shopping centre for A$65m (€44m) from Landream.
The SCA Metro Convenience Shopping Centre Fund, 80% owned by GIC and 20% by SCA Property, has bought Beecroft Place shopping centre in Sydney’s North.
The A$750m fund has been an active acquirer of convenience shopping centres, with the latest acquisition coming soon after it bought five centres for A$180m from Centuria Capital.
Dominic Ong, head of Asian Capital markets at Knight Frank, told IPE Real Assets that Chinese developer Landream had acquired the site for a mixed-use development that included 130 apartments.
“They sold the apartments and kept the shopping centre from when it was completed in 2017,” he said.
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