Dexus takes shopping center gross sales to $285m with Woy Woy divestment

Like Dexus, improvement and funding large Lendlease has additionally had success divesting a portfolio of 4 sub-regional malls valued at greater than $600 million.

Earlier in December it finalised the $280 million sale of Caneland Central Shopping Centre at Mackay in Queensland to Warren Ebert-led syndicator Sentinel.

This adopted Lendlease exchanging contracts for the sale of Menai Market in Sydney and Southlands Boulevarde in WA to funds managed by ASX-listed HMC Capital for $242.5 million in whole.

One other asset, the Settlement Metropolis mall in NSW is being circled by a neighborhood tremendous fund supervisor.

In one other sub-regional mall deal, Telstra Tremendous offered its half stake in Sydney’s Carlingford Court docket procuring centre in September to Hong Kong-based property investor JY Group for $120.5 million on a yield of 6.3 per cent.

Located within the coronary heart of the Woy Woy city centre, Deepwater Plaza gives greater than 15,000 sq. metres of retail area, making it one of many largest sub-regional malls on the Central Coast.

Alongside its Coles and Kmart anchors, different tenants embody Finest & Much less, Service NSW and greater than 45 speciality shops.

Lendlease acquired the mall in July 2014 for $98.5 million when it purchased it off resort mogul Jerry Schwartz. On the time Dexus acquired it on a capitalisation price – akin to an funding yield – of seven.25 per cent.

CBRE’s Simon Rooney dealt with the sale of all three Dexus malls, however declined to remark.

In one other non-discretionary mall sale, this time on the smaller finish of the market, Ganellen Asset Administration has bought Market Deagon, a 6005-square-metre neighbourhood centre in Brisbane’s outer northern suburbs for $20 million on a yield of greater than 6 per cent.

The sale was $3.3 million lower than what the supermarket-anchored mall final modified fingers for in 2017, when it was purchased by Melbourne investor James Zhang.

“The asset has been managed remotely by the earlier house owners, and it’s our hands-on administration type that may convey the asset again to its former potential,” stated Richard Manning, managing director at Ganellen Asset Administration.