Savills Investment Management has partnered with Australian-listed Elanor Investors to launch a fund to hold a shopping mall in Queensland purchased from Blackstone for A$145m
Australian domestic institutions and wholesale capital partners have co-invested in the single-asset fund, alongside Savills IM.
Savill IM鈥檚 head of Australia, Greg Lapham, said the group 鈥渓ooked forward鈥� to unlocking value from the centre, known as Clifford Gardens, 鈥渃ombining our offshore retail experience鈥� with Elanor鈥檚 proven ability to reposition assets of this type.
Elanor鈥檚 co-head of real estate, Michael Baliva, said Clifford Gardens had significant value-add potential given the Toowoomba region鈥檚 substantial infrastructure projects in progress, and other locational attributes.
鈥淎dditional opportunities existed to unlock value from the under-utilised land on an extensive nine-hectare site,鈥� he said. 鈥淥ur strategy is focussed on enhancing both the income and capital value of the property for our capital partners.鈥�
Glenn Willis, Elanor鈥檚 chief executive, said the firm had recently successfully repositioned a shopping centre at Auburn, in Sydney鈥檚 inner west.
鈥淚mportantly, this (latest) acquisition in partnership with Savills IM continues to demonstrate the broadening of Elanor鈥檚 offshore institutional capital partnerships,鈥� he said.
Clifford Gardens was part of three centres which Blackstone purchased from Vicinity Centres in 2016 for A$613.3m.
