This article is from the Australian Property Journal archive
WOOLWORTHS has decided to cash in a national portfolio of neighbourhood shopping centres worth around $180 million.
CBRE’s retail investments team has been exclusively appointed to market the six Woolworths anchored properties, which comprise a mix of recently completed and partially developed retail assets in Queensland, Western Australia, Victoria and the Northern Territory.
Up for sale are Cornubia in Queensland; Mandurah and Dalyellup in Western Australia; Bakewell in the North Territory; and Seville and Selandra Rise in Victoria.
Three of the centres were recently completed with the remaining three to be sold by way of a development management agreement.
All of the assets are secured by long-term 20-year leaseback to Woolworths.
CBRE’s national director, retail investments, Peter Rossi said the sale campaign was expected to generate significant interest from local investors, syndicators and institutions seeking to secure the assets either as a portfolio, individually or a combination.
“The opportunity to purchase assets with an extremely secure and lengthy Woolworths’ lease term and covenant, is expected to draw significant interest in the sale process, particularly in light of the current demand for retail investment opportunities
“The current market for retail investments is the strongest we have seen for over a decade,” he added.
Woolworths has already divested more than $2.8 billion in assets since mid-2010, including the ASX-listing of Shopping Centres Australasia Property Group in 2012 and the sale of 54 freehold properties by ALH Group Pty Ltd in September 2014.
The expressions of interest campaign closes November 26, 2015.
Australian Property Journal
