Australian shopping centre owner Vicinity Centres has sold an asset in Perth funds management company Realside Property for A$107m (鈧�67m).
The Maddington Central in Western Australia generates an annual turnover of A$208.7m.
Linda Rudd, Realside鈥檚 CEO, said the Maddington Central is 鈥渙ur first retail acquisition and has created a key opportunity to diversify and expand on our existing office and industrial portfolio鈥�.
鈥淩ealside will work with Sirona Urban, who are appointed as asset and development manager, to assist in delivering our vision for the property to unlock a revitalised retail and community precinct,鈥� Rudd added.
Simon Rooney, 鈥檚 head of retail capital markets 鈥� Pacific, who handled the sale, said the West Australian retail market continued to be a focus for investors because of the state鈥檚 solid economic fundamentals, which had translated into robust retail asset performance.
Rooney said Maddington offered significant mixed-use development potential for the site, subject to the relevant approvals given the under-utilised 13-plus hectare landholding including an adjoining separately titled vacant land component.
To read the latest 麻豆映画 Real Assets magazine click here.
