Two more Lendlease malls sold in $242.5 million deal
Asset manager HMC Capital has acquired two shopping centres from Lendlease for $242.5 million.
The agreement includes Perth’s Southlands Boulevarde for $92.5 million and the Menai Marketplace in Sydney for $150 million.
CBRE’s Simon Rooney and James Douglas introduced HMC Capital and negotiated the sales on behalf of LendLease, with the sale campaign managed by JLL’s Sam Hatcher and Nick Willis.
“A combination of investor focus shifting to convenience retail and the high-profile nature of the portfolio, generated significant enquiry, genuine buyer interest and competitive bidding, with HMC Capital’s acquisition set to instil further confidence in Australia’s retail investment sector,” said Rooney.
He added despite the increased cost of debt following the RBA’s tightening of monetary policy, retail spending has remained “resilient” at 17.9 per cent growth to September.
The sale has also generated significant investor interest on a portfolio and individual asset basis, highlighting the continued investor focus on sub-regional shopping centres.
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