ISPT, an asset manager owned by industry super funds, has sold its 50% interest in a shopping centre asset in the east coast of Australia to Hong Kong-based JY Group for A$135.5m (€83m).
The investor bought the stake in Warriewood Square, located in Sydney’s North Beaches, which was held in the ISPT Core Fund since acquisition in 2013.
Vicinity Centres, which manages the centre, owns the other 50%.
The purchase lifts the value of JY Group’s Australian shopping centre assets to more than A$2.8bn following the acquisition of Melbourne’s Roxburgh Village which settled earlier this year and the recent acquisition of a 50% stake in Perth’s Westfield Whitford City.
CBRE’s head of retail capital markets – Pacific, Simon Rooney, who handled the on-market sale on behalf of ISPT, said the ISPT offering had attracted competitive interest, primarily from private based capital, given the centre’s prime metropolitan Sydney location.
He said these sub-regional centres demonstrated “outstanding trading performance”, underpinned by exceptional investment fundamentals and a secure tenancy profile such as that offered at Warriewood Square.
“The Warriewood transaction completes approximately A$1.3bn in partial 50% stakes changing hands since June 2024,” said Rooney.
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