This article is from the Australian Property Journal archive
IP Generation has picked up a $300 million portfolio of Sydney and regional NSW neighbourhood shopping centres from businessman Paul Lederer.
The biggest property deal since the COVID outbreak was struck on a yield of about 6% and includes assets in Cessnock and Corrimal, the Imperial Centre in Gosford, Goulburn Marketplace, Richmond Mall, and Lederer Miranda in Sydney.
They are predominantly leased to supermarkets Coles, Woolworths and Aldi, and represents the daily needs-based assets that have held up better than most of their retail counterparts during the pandemic.
Lederer collected the assets over decades with his late uncle Andrew.
Paul Lederer established the Primo Smallgoods business before beginning a selldown 10 years ago, and has since moved into the dairy business through Real Dairy. He is also the chairman and co-owner of the A-League’s Western Sydney Wanderers.
IP Generation now has assets under management of about $700 million, three years after being founded by former Impact Investment Group head Chris Lock. Last week, retail industry veteran Greg Miles, formerly at Westfield and chief operating officer of Scentre, took a co-ownership stake in the investment management platform.
It recently bought the Mildura Central Shopping Centre for $81 million from a Vicinity Centres fund.
Meanwhile, fund manager QIC is hoping for more than $200 million from the sale of its 50% stake in the Westfield Helensvale regional shopping centre in south east Queensland, also perched on an underutilised land parcel.
CBRE is marketing the interest on behalf of the QIC Property Fund.
Constructed in 2005, Westfield Helensvale is strategically located on a 17.27 hectare site in the northern Gold Coast growth corridor.
It has a gross lettable area of 44,800 sqm with major nationals including Woolworths, Coles, Aldi, Kmart and Target accounting for 88% of the total area.
The centre receives over 6.3 million customers each year.
Major stakes in regional shopping centres include a 50% share in Western Australia’s Garden City centre, acquired by Scentre Group in 2019 for $575 million, and YFG’s two-stage purchase of Mt Ommaney shopping centre in Brisbane for $380 million, which concluded early last year.
“We expect this very strategic 50% stake in Westfield Helensvale to be competitively contested, as regional assets of this nature are traditionally tightly held and rarely traded,” CBRE’s Simon Rooney said.
