MaxCap Group and Troon Group have sold their recently-completed retail development in northeastern Australia to non-industry super fund AM Property Plus for more than A$50m (€31.4m).
The Chirnside Lifestyle Centre in Brisbane was acquired for AM Property, part of a direct property portfolio managed by MLC Asset Management, the investment division of Insignia Financial.
The fully-leased 11,100sqm retail asset project was sold at a 5.25% capitalisation rate.
Mark D’Arcy-Bean, asset manager with MLC Asset Management, said Chirnside Lifestyle Centre was strategically acquired as a core addition to the business’s LFR (large format retail) portfolio.
“Being a brand-new construction with annualised growth, the centre will become a welcome addition to our LFR portfolio, given its strategic location within a rapidly-growing area with opportunities for future development,” he said.
Simon Hulett, head of direct investment at MaxCap Group, said: “The development represents a highly- defensive retail investment backed by long leases to national tenants with strong covenants.”
Tom McInerney, managing director of Troon Group, said: “Through our existing relationships with the major retailers, we were able to quickly secure a mix of tenants that complement the precinct and de-risked the project with MaxCap.”
Colliers brokered the deal with Stonebridge Property Groups.
Tim McIntosh, director of Colliers, said: “The limited supply of high-quality metropolitan shopping centres has seen a growing theme of increased interstate and offshore purchaser activity.
“The successful sale represents our second LFR transaction with the AM Property Plus trust and its first retail investment in Victoria.
To read the digital edition of the latest IPE Real Assets magazine click here.
