ISPT Retail Australia Property Trust (IRAPT) had invested more than A$82m (€50m) to buy a neighbourhood shopping centre in Western Australia and increased its stake in another centre in Victoria.
The trust bought Woolworths Clarkson in Western Australia, located on the outskirts of Perth for A$37.75m. It also acquired a 50% stake in Mornington Centre, outside Melbourne, from its partner, Vicinity Centres, for A$46.3m. The transaction would change the centre management from Vicinity to ISPT.
Kate Mathewson, IRAPT fund manager, said: “These acquisitions are a testament to ISPT’s strategic approach to capital recycling, allowing us to invest more in assets that meet the needs of the communities they serve, and they align with IRAPT’s long-term growth objectives.”
These two acquisitions further the IRAPT fund’s strategy to reinvest capital into high-quality neighbourhood centres strategically located within key geographic hubs, where non-discretionary retail continues to demonstrate resilience and long-term income stability, she said.
IRAPT currently holds 34 retail assets, valued at A$2.5bn, across its national portfolio.
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