YFG Shopping Centres, Australia’s largest privately-owned shopping centre owner, has bought the remaining 75% stake it doesn’t already own in a suburban Brisbane mall from Nuveen Real Estate for A$285m (€171m).
The Fu family, headed by Gordon Fu, originally from Taiwan, already owns a 25% interest in the Mt Ommaney Shopping Centre, which it acquired from Vicinity Centres last year. YFG currently controls 20 shopping centres in south-east Queensland.
Mt Ommaney, acquired in 2014, marked Nuveen’s foray into Australia’s retail real estate sector.
Nick Evans, Nuveen Real Estate head of Asia-Pacific, said: “The exit price reflects a premium to book value, and is an excellent outcome for our client.”
Evans said the disposal further illustrated Nuveen’s track record and skillsets in what he called “this highly sophisticated market in spite of ongoing headwinds for the sector”.
Following the sale, Nuveen Real Estate’s remaining retail assets in Australia include a half stake in Greenwood Plaza, North Sydney, and a 33% stake in Myer Bourke Street, Melbourne.