Figtree sells for $206M
Singaporean group SPH REIT, in a joint venture with Moelis, have agreed to acquire Figtree Grove Shopping Centre in Wollongong from Blackstone for $206 million. The sale to SPH REIT reflects a cap rate of circa 6%.
The 21,984sq m centre is anchored by a Coles, Kmart, and Woolworths together with two mini-majors and 72 specialty stores. The Centre is ranked 16th out of 100 in the SCN Little Guns survey and is pitched as the highest-turnover subregional centre in Wollongong witha total centre MAT of $196.4M with specialty stores trading well above industry averages.
Blackstone acquired the Centre as part of the $783M Westfield portfolio in late 2015 and is one of the 11 centres Blackstone took to market as a portfolio sale in 2017 but then withdrew as sentiment turned against the portfolio sale.
Blackstone also recently traded Waverley Gardens Shopping Centre to Elanor Investments for $178M, however Blackstone other major retail assets including Top Ryde Shopping Centre, Greensborough Plaza, Warrawong, Strathpine, Clifford Gardens, Forest Hill Chase and Brimbank Shopping Centre are still held by the group.