Savills Investment Management and Greenpool Capital have purchased an A$85.5m (€58.5m) neighbourhood shopping centre in Perth, Western Australia from DRH Property Investments.
Greg Lapham, head of investment Australia at Savills Investment Management, said that upon taking ownership of the Forest Lakes Shopping Centre, the firm and its partner would work towards increasing the range of daily and essential needs offerings, which would further enhance the focal position of centre the in the local community.
Brad Osborne, managing director of Perth-based Greenpool Capital, said the centre’s occupancy was 97%. “It trades at a remarkably low speciality occupancy cost. It has an MAT (moving annual turnover) of A$128.8m with speciality productivity 14% above benchmark.”
He said Greenpool was currently preparing documentation to offer its share of Forest Lakes Centre to wholesale investors.
Forest Lakes is the third retail acquisition for Greenpool and follows its purchases of North Adelaide Village, Adelaide and Runaway Bay Shopping Centre on the Gold Coast since December 2020.
CBRE’s Simon Rooney and James Douglas who managed the off-market sale campaign said Forest Lakes Centre generated strong interest from listed and unlisted institutional capital and private investors.
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