YFG Shopping Centres, Australia鈥檚 largest privately-owned shopping centre owner, has bought the remaining 75% stake it doesn鈥檛 already own in a suburban Brisbane mall from Nuveen Real Estate for A$285m (鈧�171m).
The Fu family, headed by Gordon Fu, originally from Taiwan, already owns a 25% interest in the Mt Ommaney Shopping Centre, which it acquired from Vicinity Centres last year. YFG currently controls 20 shopping centres in south-east Queensland.
Mt Ommaney, acquired in 2014, marked Nuveen鈥檚 foray into Australia鈥檚 retail real estate sector.
Nick Evans, Nuveen Real Estate head of Asia-Pacific, said: 鈥淭he exit price reflects a premium to book value, and is an excellent outcome for our client.鈥�
Evans said the disposal further illustrated Nuveen鈥檚 track record and skillsets in what he called 鈥渢his highly sophisticated market in spite of ongoing headwinds for the sector鈥�.
Following the sale, Nuveen Real Estate鈥檚 remaining retail assets in Australia include a half stake in Greenwood Plaza, North Sydney, and a 33% stake in Myer Bourke Street, Melbourne.
