A shopping centre fund managed by Australian property group GPT has sold its 50% stake in a Melbourne asset to the local investor Nikos Property for A$385m (鈧�230m).
The sale of Northland Shopping Centre by the GPT Wholesale Shopping Centre Fund (GWSCF) is Victoria鈥檚 largest retail transaction since 2018.
Vicinity Centres, which manages the asset, holds the remaining 50% interest in the shopping centre and it is Nikos鈥檚 fourth partnership with Vicinity Centres.
GWSCF fund manager, David Sleet, said the divestment of the fund鈥檚 stake in Northland continued the implementation of its strategy to recycle assets to enhance portfolio quality and composition. The sale was also to create liquidity for investors and position the vehicle for continuing 鈥渃onsistent outperformance鈥�.
鈥檚 head of retail capital markets 鈥� Pacific, Simon Rooney introduced Nikos and negotiated the transaction, alongside co-agent Lachlan MacGillivray, Colliers鈥� Asia Pacific managing director, retail capital markets. Rooney said Nikos was attracted to the centre鈥檚 robust performance, secure major tenant covenants and significant future development potential at the location 13km north-west of the Melbourne CBD.
In particular, he said Nikos saw the site as offering potential for a long-term staged masterplan development subject to the relevant planning approvals.
Northland Shopping Centre occupies a 19.04ha site and offers significant development potential via a masterplan for a 30-year staged development.
MacGillivray added: 鈥淭he retail sector is experiencing significant tailwinds, as demonstrated in the recent real estate investment trust, highlighting positive leasing spreads and extremely strong centre occupancy.
鈥淲e expect to see a further improvement in overall investment activity and investor demand as interest rates are lowered, with several large regional shopping centre transactions currently in play.鈥�
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