This article is from the Australian Property Journal archive
ARENA Investment Management has sold the Chevron Renaissance shopping centre to Precision Group for $73.2 million.
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The property was held by the Chevron Renaissance Property Trust and the sale follows the successful divestment by JLL, on behalf of Arena, of a portfolio of five assets for $250 million to Anton Capital and 600 St Kilda Rd for $81.5 million to a private investor, both in January.
JLL were appointed in August 2014 as exclusive advisers to Arena and undertook an international expressions of interest campaign to identify the optimal liquidity outcome to Arena’s investors in the CRPT, the Arena Office Fund and Arena Property Fund.
JLL’s head of corporate finance Asia Pacific Chris Key said the sale completes the final piece in the liquidity program commenced last year.
“The program was a comprehensive strategy to explore all potential alternatives to maximise value for the investors across the three Arena managed funds. We are pleased to have delivered this important series of transactions on their behalf,” he added.
Chevron Renaissance has recently undergone a major CAPEX. The centre has a total GLA of 13,127 sqm and is constructed over two basement levels, with car parking for approximately 299 vehicles, ground level retail accommodation and two upper levels of retail and office accommodation. The centre is anchored by Coles supermarket, Max Brenner, Endota Spa, Liquorland and Infinity Attractions, together with approximately 57 specialty tenants, five kiosks, three ATMs and 20 commercial office suites.
JLL’s head of Australasian retail investments Simon Rooney said a significant fall in the Australian dollar has resulted in a strong rebound in inbound tourism which is supporting the retail environment in key tourism nodes such as the Gold Coast.
“The latest figures show visitor arrivals into Australia rose by the highest rate in over 14 years.
“This rebound in tourism; together with the $1.2 billion Gold Coast Light Rail which was completed in mid-2014 and the expected future investment associated with the preparation of the Commonwealth Games in 2018, is providing investors with significant confidence in the growth prospects of the region,” Rooney said.
Other recent Gold Coast real estate investments include:
– Abacus and KKR’s acquisition of Oasis shopping centre, Broadbeach, for $103.5 million in February 2015
– AMP Capital’s $580 million expansion of Pacific Fair, targeting a completion in Q4/2016
– Metro Market shopping centre for $23.05 million in March 2015
– Paradise Resort for $75 million in March 2015
– Brookfield Asset Management sale of Sofitel Gold Coast for $62.0 million in March 2015
– Marriot Surfers Paradise Resort for $87.5 million in April 2015
– Sheraton Mirage Resort & Spa for $160.0 million in May 2015
Australian Property Journal
