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