Pialba Place Centre sells for $35M
Fund Management Group M/Group acquired Pialba Place Centre for $35M from the Vinta Group. The Centre was acquired in an off-market transaction of which $22million was raised through a company-managed property investment fund.
The purchase price represents a yield of approximately 8% on passing net income.
The Centre is anchored by Coles and Big W and approx 30 specialty stores with a Weighted Average Lease Expiry (WALE) of 7 years.
The asset is 3.5 hours drive from Brisbane at the gateway to Fraser Island and located on a 4.38 hectare site that occupies an island block surrounded by three street frontages.