EG Funds Management has acquired a 50% interest in an Australian shopping centre from Invesco for around A$220m (鈧�149m).
EG bought the stake in the Grand Plaza asset in Queensland for the EG Australian Core Enhanced (EG ACE).
91传媒在线 understands that Invesco decided to sell the asset as a part of the 鈥渟trategic reweighting鈥� of its Australian portfolio.
A source said proceeds from the sale would be redeployed to other opportunities, including build-to-rent projects.
The US manager bought the stake in 2018 for A$215m from Vicinity Retail Partnership, whose investors included CPP Investments and Australia鈥檚 Future Fund. Shopping centre owner Vicinity Centres owns the remaining 50% of Grand Plaza, located in the Brisbane suburb of Logan.
EG鈥檚 head of capital transactions, Sean Fleming, said: 鈥淰alue can be extracted from this asset with an active asset management strategy to enhance the retail offering and tenant mix.鈥�
Chris Pak, EG executive director and manager of the core fund, said EG鈥檚 Australian Core Enhanced Fund now owns 14 core-plus assets across Australia in Sydney, Brisbane, Melbourne and Perth. Eight of those have been purchased in the last 12 months.
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