Federation Centres to sell shopping centre

unnamed-1Federation Centres has entered into a conditional agreement to sell the Queensland shopping centre Lutwyche City to Abacus Property Group and Zenonos Group for $65 million.

The sale price represents a 13.5 per cent premium to book value. Settlement is expected to take place in late October 2015 and will need to be approved by the Foreign Investment Review Board.

Lutwyche City is situated on Lutwyche Road, the main route connecting the Brisbane CBD with the northern suburbs. It offers convenience shopping anchored by two supermarkets, Coles and Aldi, as well as office space.

Federation Centres is one of Australia’s leading retail property groups with more than $22 billion in retail assets under management.

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