Hong Kong-based real estate investment firm JY Group has acquired a 50 per cent stake in Sydney’s Carlingford Court shopping centre for $120.5 million.

The centre occupies a 33,298sqm site, and is anchored by Coles, Woolworths and Target, along with 65 specialty stores including Bing Lee, Fitness First and The Reject Shop, cafes, restaurants and takeaway outlets.

Situated 18km from the city’s CBD, at a prime landmark location in Sydney’s northwest, the centre is close to Carlingford railway station. It draws 5.3 million visitors a year yielding a moving annual turnover of $188 million.

“This demonstrates the continued demand for quality, metropolitan sub-regional assets with a focus on non-discretionary spending,” said Simon Rooney, CBRE’s head of retail capital (Pacific) who negotiated the off-market transaction on behalf of the vendor Telstra Super.

The acquisition boosts JY Group’s Australian asset portfolio to almost $1.8 billion as it enters a partnership with Carlingford Court’s co-owner and manager, Vicinity Group.

Last year, JY Group also acquired Wollongong’s Central Shopping Centre and Sydney’s Roselands Shopping Centre.