This article is from the Australian Property Journal archive
RREEF has snapped up Pittwater Place in Mona Vale on Sydney’s northern beaches for $56.6 million, in the largest neighbourhood shopping centre transaction in 18 months.
Colliers International national director of retail investment Lachlan MacGillivray negotiated the off-market sale on behalf of Brookfield Multiplex, which put the property on the market last year with a price tag of approximately $60 million.
MacGillivray said this is the largest direct retail sale to a foreign fund in more than two years, since Starhill Global REIT purchased David Jones retail store in the Perth CBD for $114 million in January 2010. All other offshore investment has been of partial interest with foreign funds partnering with local groups.
“The rise of direct offshore sales is an interesting trend and positive for the Australian marketplace. The sale of Pittwater place highlights the transition of offshore parties becoming familiar with the Australian marketplace. We are seeing foreign groups investing their capital in the office and industrial sector before transitioning into direct retail ownership, like RREEF has.
“Foreign funds are attracted to Australia’s sound property fundamentals underpinned by the economic performance of our country and transparency of government,” he added.
Located at 10 Park St Mona Vale, a coastal suburb 28km north of Sydney, the cenre comprises 12,180 sqm of retail and office space. It is anchored by Coles Supermarket and Harris Farm as well as Fitness First.
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