- Centuria Capital Group (CNI) acquires a $202 million daily needs retail asset
- The asset was secured on behalf of an existing international sovereign wealth fund’s international mandate, which will also see Centuria co-investing alongside it
- The acquisition makes up part of Sekisui House’s $1.1 billion mixed-use development, West Village, located in Brisbane
- The assets are due to be settled by early 2023
- Centuria Capital Group was down 4.5 per cent, trading at $2.76 at the end of the trading day
Centuria Capital Group (CNI) has acquired a $202 million daily needs retail asset.
The asset was secured on behalf of an existing international sovereign wealth fund’s international mandate, which will also see Centuria co-investing alongside it.
The acquisition makes up part of Sekisui House’s $1.1 billion mixed-use development, West Village, which is located in Brisbane.
The three-phase transaction includes existing properties, as well as assets yet to be constructed. The portfolio provides a 10.1 yearly weighted average lease expiry and 100 per cent occupancy.
Phase one of the acquisition will include a retail mall, anchored by a full line Woolworths, BWS bottle shop, and flagship Harris Farm, along with 19 specialty tenants and two kiosks, totalling 9456 square metres.
This phase also includes ‘The Eaves,’ a three-level building with shops, cafés, restaurants, and a health spa, as well as the former Peter’s Ice Cream factory, which offers speciality retail, office space, and parking.
The ‘South Pavilion,’ which will include retail and restaurant services, will be finished in late 2022 as part of phase two. The rebuilt old Peter’s cone factory, which provides retail and hospitality establishments, is included in phase three.
Jason Huljich, Centuria Group Joint CEO, said the company is pleased to have secured this rare, off-market retail opportunity.
“West Village provides an opportunity to capitalise on modern, well-located retail that caters to the nondiscretionary and convenience markets,” Mr Huljich said.
“The retail facilities within this landmark masterplanned community will cater to approximately 1,250 adjoining households in addition to the surrounding West End and South Brisbane residential community.”
The assets are due to be settled by early 2023.
Centuria Capital Group was down 4.5 per cent, trading at $2.76 at the end of the trading day.