- Gowing Bros has sold its Moonee Market shopping centre in Moonee Beach, New South Wales
- The company is selling for $30.5 million however the centre was originally bought for just $13.2 million in 2010
- However, over the years, Gowings Bros poured a lot of money into transforming the centre into a convenient, friendly neighbourhood shopping centre
- The transaction is expected to settle on November 25
- Gowing Bros’ shares remain flat today, with shares trading for $2.26
Gowing Bros has entered a contract to sell the Moonee Market shopping centre to a fund managed by Primewest Funds.
The sale price is $30.5 million however the centre was originally purchased by the company in April 2010 for just $13.2 million.
While Gowings may profit $17.3 million, during its nine-year ownership the company invested in upgrading the plaza’s common areas, improving tenancy mix and repositioning the complex.
The Moonee Market shopping centre is located in Moonee Beach, New South Wales.
The investment in Moonee Market delivered a significant capital gain for Gowings’ shareholders.
Gowings CEO John Gowing is pleased with the sale and the company’s strategy of transforming the location to a hub spot of retail, dining and services for the local community.
“We are very pleased with the outcome for Moonee Market, and there was a very strong interest seen in this quality asset during a competitive sale process,” John said.
The transaction is expected to settle on November 25 2019. Net sale proceeds will be redirected to other development opportunities and retire debt in Gowings.
Gowing Bros’ shares remain flat today, with shares trading for $2.26 at 3:56 pm AEDT.