This article is from the Australian Property Journal archive
THE Dexus Wholesale Property Fund has paid $70.6 million for the Shepparton Marketplace in Victoria on a cap rate of 7%.
The acquisition also includes an adjoining 6ha vacant parcel of land, allowing further expansion.
Located approximately 200km north of the Melbourne CBD, the 16,350 sqm sub-regional shopping centre is anchored by a Woolworths and Big W, an additional mini major, 34 specialty shops and a Woolworths Petrol Plus service station.
DWPF fund manager Penny Ransom said Shepparton Marketplace is the dominant retail centre within its main trade area, and is a strong performing centre with speciality sales per sqm well above benchmark and low specialty occupancy costs.
“The acquisition of Shepparton Marketplace continues the implementation of the fund’s strategy to enhance diversity through increasing the overall allocation to non-discretionary food, convenience and service retail, and to enhance returns,” she added.
DWPF has spent around $318.7 million on acquiring sub regional shopping centres over the past 12 months, including Beenleigh Marketplace in Beenleigh, Sturt Mall in Wagga Wagga and Deepwater Plaza in Woy Woy.
The acquisition will increase in DWPF’s funds under management to $5.5 billion.
Australian Property Journal
