Retail shopping centres continue to attract the attention of global fund managers.
The latest transaction sees US fund manager Invesco acquiring a 50% stake in the Grand Plaza shopping centre, Queensland, for $215M. The stake was acquired from a group of investors, including the Future Fund and the Canada Pension Plan Investment Board, and was purchased on a 6.0% yield. Vicinity Centres (ASX: VCX) will retain the remaining 50% interest as well as management rights to the centre. Grand Plaza is a single level regional shopping centre located approximately 22km south of the Brisbane CBD. The property is fully occupied with a 3.5-year WALE with anchor tenants Coles, Woolworths, Target, Big W, Kmart, Event Cinemas, Aldi and over 125 specialty stores.
Australian Unity Office Fund (ASX: AOF) announced that approval has been granted by the Sydney Central City Planning Panel for the development of an eight- storey commercial office building on land that AOF owns. The 8,000sqm commercial office development will be adjacent to AOF’s existing property located 10 Valentine Avenue, Parramatta NSW. AOF are currently awaiting rezoning approval which could potentially increase the development to 25,000sqm.