Federation Centres has purchased the Carlingford Court sub-regional shopping centre in Sydney for $177 million.

The sale is a 50/50 co-ownership arrangement with a major Australian corporate superannuation fund manager.

It was formerly owned and managed by GPT Group.

Federation Centres CEO, Steven Sewell said the purchase is consistent with the company’s focus on sub-regional centres and non-discretionary, every day shopping.

“Carlingford Court provides further diversity to the Federation Centres’ portfolio of owned, co-owned, and managed shopping centres and I am very pleased to do so with another quality co-ownership organisation,” he said.

Federation Centres will also manage of Carlingford Court, responsible for development, leasing, and operations activities.

The transaction is expected to settle by December 18, 2013, at a passing yield of 7.25 per cent.

Carlingford Court is 24km north west of Sydney and is anchored by Woolworths and Coles supermarkets and Target.