Centuria Capital has made a $202 million retail off-market acquisition in Brisbane under its existing sovereign wealth fund’s institutional mandate, which will also see Centuria co-invest alongside the investor.
The acquisition of Brisbane’s West Village, which included existing properties as well as assets yet to be constructed, was a part of Sekisui House’s $1.1 billion master planned missed-use development.
“We are pleased to secure this rare, off-market retail opportunity. West Village builds on the existing $313.3 million of quality retail assets within our existing daily needs retail (DNR) mandate, alongside a well-established institutional investor within our unlisted distribution network,’ Centuria’s joint chief executive, Jason Huljich, commented on the move.
West Village encompassed around 16,560sqm of modern retail facilities in addition to hospitality, wellness and office accommodation throughout five buildings and the transaction, anchored by two supermarkets, was expected to provide a 10.1-year weighted average lease expiry (WALE) with 100% occupancy.
The assets would be settled between early 2022 and early 2023, the company said in the announcement made to the Australian Securities Exchange (ASX).