Australian shopping centre owner Vicinity Centres has sold an asset in Perth funds management company Realside Property for A$107m (€67m).

The Maddington Central in Western Australia generates an annual turnover of A$208.7m.

Linda Rudd, Realside’s CEO, said the Maddington Central is “our first retail acquisition and has created a key opportunity to diversify and expand on our existing office and industrial portfolio”.

“Realside will work with Sirona Urban, who are appointed as asset and development manager, to assist in delivering our vision for the property to unlock a revitalised retail and community precinct,” Rudd added.

Simon Rooney, CBRE’s head of retail capital markets – Pacific, who handled the sale, said the West Australian retail market continued to be a focus for investors because of the state’s solid economic fundamentals, which had translated into robust retail asset performance. 

Maddington Central

Source: CBRE

Maddington Central

Rooney said Maddington offered significant mixed-use development potential for the site, subject to the relevant approvals given the under-utilised 13-plus hectare landholding including an adjoining separately titled vacant land component.

To read the latest IPE Real Assets magazine click here.