Perth-based Primewest is to launch a new unlisted A$300m (鈧�183m) Australian 鈥渄aily needs鈥� neighbourhood retail property trust under a new institutional mandate.
John Bond, Primewest鈥檚 executive chairman, declined to comment on the identity of the institution saying that he was bound by a confidentiality agreement.
In a statement, Bond said the new trust would acquire up to A$300m of retail assets across several states, with a pipeline of potential opportunities.
It has contracted to buy its first asset, the Spring Farm Centre in Sydney鈥檚 southern suburbs from supermarket chain Woolworths.
Bond said COVID-19 had shone a light on a number of highly-successful retail assets that had continued to perform well during the crisis, due to their strong tenant mix that focussed on non-discretionary/services-based retailers with a focus on 鈥榙aily-needs鈥�.
鈥淭his made a new retail trust highly attractive, especially given the defensive nature of the Spring Farm centre, which had proved to be very resilient and therefore highly attractive as an investment,鈥� said Bond.
The listed Primewest has more than A$4.2bn of assets under management across all mainland states of Australia and the west coast of the US.
Primewest currently runs the Primewest Counter-Cyclical Trust for Singapore鈥檚 sovereign wealth fund GIC.
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