Centuria Capital Group, an Australian real estate funds manager, has acquired the $15 million Margaret River Shopping Centre in Western Australia from a local owner.
According to Centuria, the transaction will support the Margaret River Shopping Centre Trust (MRSCT or Trust), a single-asset, closed-ended wholesale property fund with an anticipated initial commencing distribution yield of 5.75 per cent per annum.
The single-level shopping centre is anchored by a Coles Supermarket and Liquorland, which lease 2713sqm, and complementary specialty stores Brumby’s Bakery, Bob’s Shoe Store, and Glitterati Jewellery.
“This acquisition exemplifies how we are executing our corporate strategy to secure value-add opportunities to match specific profiles within our broad unlisted investor network,” said Jason Huljich, Centuria Joint CEO.
Coles Property Developments built the Margaret River Shopping Centre in 2001 in the heart of Margaret River town centre. Margaret River is approximately 270km south of Perth’s CBD.
Last month, Lendlease’s Australian Prime Property Fund Retail was selling its Caneland Central mall in Mackay, Queensland to Sentinel Property Group for approximately $280 million.
