This article is from the Australian Property Journal archive
GPT has confirmed that it has sold its 50% interest in the Erina Fair shopping centre on the NSW Central Coast for $397.1 million.
GPT managing director Michael Cameron said it has sold the stake to a client of Lend Lease Investment Management. The other half is owned by Lend Lease’s APPF Retail.
The sale price reflects a 1% premium to the December 2012 fair value.
“This solid demand has allowed GPT to realise the value of this asset and continue to progress its strategy to move to a more balanced portfolio weighting.
“In the past year we have effectively executed this remixing strategy moving retail from 61% of the portfolio to 54%, inclusive of this latest transaction. We continue to investigate further opportunities for investment in office and logistics and business parks,” Cameron said.
The deal was negotiated by Jones Lang LaSalle’s head of retail investments Simon Rooney.
“Erina Fair presented an exceptional opportunity for a buyer to partner with APPF Retail on the Lend Lease managed asset, and gain exposure to a modern, dominant and highly successful super-regional shopping centre, which occupies a major land holding, in the core eastern seaboard state of NSW.
“This sale is another prime example of the current dynamics underway in the retail investment market. It reflects a current situation of deep, liquid capital markets – backed by swelling demand from various domestic wholesale and superannuation investors, together with offshore pension and sovereign wealth funds – as they continue to up-weight their exposure to core, direct real estate in Australia,” Rooney said.
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