The HomeCo Last Mile Retail Logistics (LML) Fund has bought a Melbourne suburban shopping centre from Australian property manager Newmark Capital for A$107m (€65m).
The HMC Capital-managed fund has acquired Brendon Park, which sits on 5.81ha land and offers a gross lettable area of 23,038sqm.
Newmark bought the centre from Vicinity Centres and Telstra Super in 2017 for A$135m.
Sid Sharma, HMC Capital managing director of real estate, told IPE Real Assets, said: “Our acquisitions in the LML fund build upon our track record of adaptive reuse. Over the last five years we have redeveloped or repurposed over 500,000sqm of retail floor space nationally.
“Our target is to transform traditional shopping centres into vibrant community hubs focused on daily needs for customers and last mile fulfilment solutions for tenants.”
The fund, backed by SA Funds, the public sector pension fund of South Australia, which has committed A$350m to the vehicle, is targeting to build out its portfolio to A$1bn worth of last mile retail assets. HMC’s listed Daily Needs REIT is an investor in the LML fund.
CBRE Asia Pacific jointly negotiated the Brendon Park sale with JLL on behalf of Newmark Capital.
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