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Fort Street Take Up Keilor Central in $113m Deal
December 21, 2018
Vicinity have sold one of their unlisted funds' Sub Regional Centres in a $113M deal with Fort Street Capital, reflecting a 6.3% yield.
Keilor Centre is located in a well-established suburb of Melbourne, 17 km west of the Melbourne CBD, and services a wide catchment area. The shopping centre is anchored by Coles, Aldi and Kmart and comprises primarily convenience-based retailers, including two mini-majors, 59 specialty tenants and two padsites. The centre is 99% occupied, with national retailers representing 72% of total income, including Commonwealth Bank, Australia Post, The Reject Shop, Vodafone, Specsavers, Hungry Jacks and KFC.
The Centre sits on 9.1 ha of land and has a large on grade car park, proving capacity for further expansion of the Centre if required.
David Rogers, Investment Director for Fort Street Real Estate Capital, the Fund’s Investment Manager, said: “We are very pleased with this acquisition of Keilor Central. It is an exceptional asset and a great quality investment for the Fund. The asset is performing strongly given its convenience-based retail offering and strategic location in a part of Melbourne with limited competition. Furthermore, there are a number of ways that we believe we can enhance the value of the asset. We have a strong track record of successfully repositioning assets and there is potential to improve the tenancy mix, as well as longer-term opportunities to add value to the asset.”