Real estate managers Alceon and Aktiv have acquired a mixed-use shopping centre in Australia for A$142m (鈧�81m).
The pair bought The Strand at Coolangatta in the beachside town of Coolangatta, north of Brisbane, from its developer-owner who had owned it since 2001.
Todd Pepper, founding partner of Alceon鈥檚 Queensland business said: 鈥淨ueensland offers a highly attractive investment setting for us due to its efficient government and regulatory processes and strong growth prospects.鈥�
He added that the state had experienced robust population and housing price growth led by a constant period of positive migration.
Olivier Sicouri, managing director at Aktiv, said: 鈥淭he Strand in Coolangatta is a unique asset, positioned in the heart of an iconic precinct. It presents a rare opportunity to acquire an asset of this scale well below replacement cost in a location like this, particularly given that it is expected to grow and gentrify and faces limited competition risk, due to prohibitively high construction costs.鈥�
Nick Willis, joint head of retail investments and Sam Hatcher, head of national retail investments at JLL, which brokered the deal, said opportunities to acquire large-scale and irreplaceable beach front shopping centres like this rarely became available. demographics drove strong capital engagement from local and offshore investors.鈥�
Hatcher added that the sale of The Strand exemplified the trend of syndicators acquiring well-located shopping centres with strong distribution potential and value-add opportunities, though such properties were becoming scarce as competition intensifies across retail sub-sectors.鈥�
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