Australian hospitality and development group Iris Capital has set a record in paying A$450m (€255m) for a suburban shopping centre in Sydney’s north.
The St Ives Shopping Village centre was one of a few privately held shopping centres and was owned by EK Nominees, controlled by the Katz family, since 1986.
Iris Capital, which has built out growing portfolios of hotels and pubs in NSW, sees the purchase of the centre, St Ives Shopping Village, as its expansion into the retail sector.
Iris Capital’s CEO, Sam Arnaout, said: “We are delighted to purchase St Ives Village which represents the foundation asset for our new retail management platform.
“St Ives Shopping Village has long been identified by Iris Capital as the perfect entry point into the major Australian retail ownership landscape.”
Colliers managing director, Asia Pacific, retail capital markets, Lachlan MacGillivray, who secured the transaction on behalf of EK Nominees, said the sale of St Ives Shopping Village further reinforced strong market demand for irreplaceable retail assets.
MacGillivray said. “This sale takes year-to-date retail transactions in excess of A$3.4bn, with further forecast interest rate cuts expected to give buyers added impetus to act quickly before pricing increases.”
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