Australian property group Stockland has sold a suburban Sydney shopping centre to Revelop for about A$155m (€93m).
The Stockland Balgowlah, located on Sydney’s Northern Beaches, was sold at a slight discount to the asset’s December book value of A$157m.
Stockland bought the centre in 2001 and its cost, including upgrades totalled A$141.3m.
Nick Wills, JLL Australia’s joint head of retail investments, who handled the sale with Sam Hatcher, head of retail investment said in December alone, more than A$850m in shopping centres in Australia were sold to private investors. The number almost doubled the previous year and significantly above the five-year average. Hatcher said for the first time since 2004, retail investments recorded the largest market share in transaction volumes.
Sydney-based Revelop, an active acquirer of suburban shopping centres, lists some 80 properties, offering 500,000sqm in its portfolio and has a development pipeline worth A$1bn.
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