LaSalle Investment Management has acquired a large-format retail asset in Australia for A$300m (€196m).

Crossroads Homemaker Centre in Sydney was sold by by BlackRock and co-investor AsheMorgan, which acquired the asset in 2018 for A$140m.

The property, located on 14.3 hectares of land in Sydney’s southwest, had been previously owned by the AMP Capital Diversified Property Fund since its construction in 2000.

The fully-leased centre is one of the 10 largest of its kind in Australia and is anchored by hardware chain Bunnings Warehouse.

BlackRock owns another large-format centre in Artarmon on Sydney’s Lower North Shore, which was recently refurbished and expanded.

The latest acquisition brings LaSalle’s investment in Australia to more than A$730m in the past year.

The global real estate fund manager, which has been active in Australia for more than two decades, has been particularly active in the Sydney market recently. In July, it bought an office building in Macquarie Park for A$112m.

The latest transaction comes within weeks of LaSalle buying the commercial component of a new 49-storey building at 88 Walker Street, North Sydney, from developer Billergia Group for about A$170m.

LaSalle also acquired a B-grade office building in nearby Miller Street from Dexus for A$152m last December.

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