This article is from the Australian Property Journal archive
SOUTH Korea's National Pension Service (NPS) is believed to snapped up GPT's share in the Erina Fair shopping centre on the New South Wales Central Coast.
Erina Fair is valued at $756 million and is jointly owned by GPT and Lend Lease’s Australian Prime Property Fund Retail. They acquired the asset in the late 90s.
The centre is managed by Lend Lease. In February GPT decided to sell its share in the centre, which was worth approximately $392.5 million. Jones Lang LaSalle’s Simon Rooney is handling the sale.
It was reported that private equity fund Blackstone examined the deal but later decided to enter into due diligence over APPF Retail’s $400 million Greensborough Plaza in Melbourne.
Erina Fair is the largest non-metropolitan shopping centre in Australia and the largest single-storey shopping centre in the southern hemisphere. The centre comprises 113,500 gross lettable area and over 330 stores.
South Korea’s $300 billion NPS has been an active player in Australia.
Last year NPS bought a 50% stake in 13 industrial properties at three Dexus Property Group industrial estates, valued initially at $360 million.
NPS also formed a JV with US-based investment giant Pramerica Real Estate Investors to buy 595 Collins St for $144 million from Investa Property Group.
In Sydney, NPS and Abacus bought Walker St North Sydney for $35.6 million.
NPS made a high profile entry into Australia in 2009 with the acquisition of Aurora Place at 88 Phillip St Sydney for $685 million.
If the acquisition of Erina Fair is confirmed, NPS will own almost $1.5 billion of assets in Australia, helping the pension fund reach its stated target of having 10% of its total portfolio in property by 2016, up from 2.5% in 2007.
Property Review
