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- Property fund management firm Primewest (PWG) has added two new shopping centres to its recently launched property trust
- Over the last three weeks, the company has spent $126.5 million to develop the trust, which focuses on daily needs and neighbourhood retail properties
- The two new shopping centres are located in New South Wales and both are centred around a Woolworths supermarket
- The company plans to acquire up to $300 million worth of daily needs properties for the trust, as part of a recent institutional mandate
- Primewest shares are steady at market open on Monday, last trading for $1.13 each
Property fund management firm Primewest (PWG) has added two new shopping centres to its recently launched property trust.
The trust focuses on daily needs and neighbourhood retail businesses. Over the last three weeks, the company has spent $126.5 million to develop the trust.
The two new shopping centres are located in New South Wales and both are centred around a Woolworths supermarket.
The company plans to spend $300 million on daily needs properties for the trust, as part of a recent institutional mandate.
The latest two centres add to the Spring Farm Shopping Centre in Sydney, which the company purchased when the mandate was first announced.
Primewest’s Executive Chairman John Bond said the new trust had moved quickly to secure three well priced and well-located shopping centres with excellent fundamentals. He went on to comment on the Pemulwuy Marketplace, one of the new acquisitions.
“It is in a tightly held, established location and offers strong medium to long term development potential as well as secure long-term income from Woolworths and 15 specialty tenants,” he said.
Turning to the West Ryde, the second newly acquire shopping centre, John stated the site’s location is one of its major assets.
“The centre is only 150 metres from the West Ryde train station and sits within the West Ryde Town Centre Revitalisation Scheme that is set to provide significant local planning initiatives,” he said.
The company believes that having Woolworths at the centre of all three new acquisitions will provide a consistent renting base, which will, in turn, provide stability to the trust’s portfolio.
Primewest shares are steady at market open on Monday, last trading for $1.13 each at 10:21 am AEST.
