This week we recorded 5 major transactions worth $304M.
The largest deal this week the acquisition of 50% of Browns Plains Grand Plaza this week for $215M by Invesco Real Estate. Vicinity which sold the stake on behalf of one of its wholesale funds will retain the remaining 50% interest as weel as the management rights to the Centre. The purchase price reflects the 2017 reported valuation of the 50% interest held by Vicinity based on a 5.5% yield.
Also this week, Axiom Properties sold a 50% interest in the Churchill North Shopping Centre for $42.5M reflecting a 6% yield. The Centre was acquired by SA based Inheritance Capital Asset Management (ICAM) and Accord Property. The Centre is anchored by Coles, CostCo, Aldi and KMart with a total NLA of 24,321sqm. ICAM and Accord are targeting an income distribution of 7.0%-7.5% pa* on average over 5 years and a target total return of 9.0%-10.0%* (net of fees).
Scroll through the list below or head to ReDataSource for further details.
* indicates unconfirmed price or apportionment of a portfolio sale