Federation Centres expands portfolio
FDC has secured a 25 per cent stake in the Mt Ommaney Centre in Brisbane, Queensland; a 50 per cent stake in Bentons Square in Mornington, Victoria; and has acquired the remaining external units in Retail Direct Property 6, which owns the Brandon Park Centre in Wheelers Hill, Victoria.
Mt Ommaney will be acquired for a total purchase price of $416.25 million as part of a co‐ownership arrangement with TIAA Henderson Real Estate (TH Real Estate).
Under the co‐ownership arrangement TH Real Estate will own 75 per cent and FDC will own 25 per cent of the centre, with FDC to provide ongoing property management services at the centre. The FDC share of the purchase is approximately $104.06 million.
Mt Ommaney is located 14 kilometres south west from the Brisbane CBD and is anchored by three discount department stores, three supermarkets, and four mini major tenants. It has around 165 specialty tenants and kiosks.
In a separate transaction, FDC has entered into unconditional agreements to purchase 50 per cent of convenience centre, Bentons Square, in Victoria from a private investor.
Located in Victoria’s Mornington, Bentons Square is anchored by a Woolworths supermarket and Dan Murphy’s liquor store, and houses around 40 specialty shops.
In line with the previously announced strategy to wind up the unlisted syndicate business, a capital partner associated with an Australian superannuation fund manager has acquired a 50 per cent interest in Brandon Park in Wheelers Hill, Victoria from Retail Direct Property 6 (RDP 6), as an expansion of its pre‐existing partnership arrangement with FDC.
FDC has now acquired all external units in RDP 6 and has a direct 50 per cent interest in Brandon Park, and will continue to provide property management services at the centre.
“These three transactions reflect our ongoing commitment to realigning our portfolio towards quality and diversification, together with our strategy of capital recycling and partnerships to optimise returns for our investors,” Steven Sewell, Federation Centres CEO and MD, said.
The supermarket giant has received the highest ever fine issued by the Australian Communications and Media Authorit… https://t.co/7DW7PRoizS10 hours ago
Kathmandu's sales have risen sharply over the past six weeks, but CEO Xavier Simonet remains cautious about the ret… https://t.co/nwniA7wcmE11 hours ago