EG Funds Management has acquired a 50% interest in an Australian shopping centre from Invesco for around A$220m (€149m).

EG bought the stake in the Grand Plaza asset in Queensland for the EG Australian Core Enhanced (EG ACE).

IPE Real Assets understands that Invesco decided to sell the asset as a part of the “strategic reweighting” of its Australian portfolio.

A source said proceeds from the sale would be redeployed to other opportunities, including build-to-rent projects.

The US manager bought the stake in 2018 for A$215m from Vicinity Retail Partnership, whose investors included CPP Investments and Australia’s Future Fund. Shopping centre owner Vicinity Centres owns the remaining 50% of Grand Plaza, located in the Brisbane suburb of Logan.

EG’s head of capital transactions, Sean Fleming, said: “Value can be extracted from this asset with an active asset management strategy to enhance the retail offering and tenant mix.”

Chris Pak, EG executive director and manager of the core fund, said EG’s Australian Core Enhanced Fund now owns 14 core-plus assets across Australia in Sydney, Brisbane, Melbourne and Perth. Eight of those have been purchased in the last 12 months.

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