Australian property group Stockland has partnered with a Morgan Stanley Real Estate Investing (MSREI) to invest in and expand a portfolio of domestic convenience retail centres.
The newly formed Stockland Convenience Retail Partnership (SCRP), which has a A$250m (€152.3m) seed portfolio, will be majority-owned by a MSREI vehicle, with Stockland retaining a significant stake and ongoing property management responsibilities.
SCRP’s seed portfolio, which consists of three newly developed town centres within Stockland masterplanned communities, comprises Gables Town Centre in New South Wales, Providence Town Centre in Queensland and Sienna Wood Town Centre in Western Australia.
Justin Louis, Stockland CIO, said: “The establishment of the Stockland Convenience Retail Partnership supports Stockland’s strategy to align our investment objectives with institutional capital and continue growing a high quality retail platform focused on everyday convenience and essential services.
“Importantly, the partnership provides a pathway for future growth through our masterplanned communities pipeline and aligns with continued population growth across key metropolitan corridors.”
To read the latest IPE Real Assets magazine click here.
