PGIM Real Estate and Sydney-based private equity manager Assembly Funds Management (AFM) have joint-purchased a south-west Sydney shopping centre from Frasers Property Australia for A$248m (€150m).
Frasers Property Australia developed the Ed Square Town Centre shopping centre, which forms the retail and entertainment heart of a broader mixed-use community in Edmondson.
Steve Bulloch, head of Australia, real estate at PGIM, said: “Ed Square Town Centre offers strong underlying fundamentals. Its blend of daily-needs and entertainment retail, combined with direct integration with key transport infrastructure, positions the centre to significantly benefit from an increasing catchment over time.”
Tim Meurer, CIO at AFM, said: “With an attractive basis relative to replacement cost, we believe the asset offers compelling long-term potential for our investors, which will be enhanced by our active asset management approach.”
The acquisition of Ed Square follows the two groups’ acquisition of A$440m Woodgrove Shopping Centre in Melbourne in September 2025.
Mark Gleeson, executive general manager, investment and capital transactions at Frasers Property Australia, said: “This sale is consistent with our capital recycling strategy to divest well-established assets at the opportune time.
“In addition to our recent site acquisitions, we continue to seek opportunities to showcase our expertise and create value developing new masterplanned communities in our core eastern seaboard markets.”
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