Property investment and management group, Primwest, has joined the Home Investment Consortium’s bid to become the dominant large format retail landlord in Australia.
Primewest has been active in the large format sector for over 20 years and currently manages more than A$500 million in large format retail assets as part of its A$2 billion property portfolio.
Home Consortium agreed to acquire Hydrox Holdings Pty Limited, the holding company for the property and development business and assets of the failed Masters chain in August this year.
The acquisition of the centres will occur after the Masters Centres closure program completes in December, with Home Consortium well advanced with plans to convert most of the centres into multi tenant LFR centres next year.
“We are pleased to welcome Primewest on board as a shareholder of the Home Consortium,” said David Di Pilla, chairman of Home Consortium. “They will add significantly to the group through their knowledge and expertise as one of Australia’s leading property investment managers.”
Primewest founding director, David Schwartz, will become a director of the Home Consortium.
John Bond, also a Primewest founding director, will be Schwartz’ alternate director on the Home Consortium board.
“We are excited to be part of this opportunity to reposition the portfolio into great retail shopping experiences by adopting the philosophy of right tenant, right space,” said Schwartz.
Since August, the Home Consortium has progressed its leasing discussions with leading national retailers, telling Inside Retail last month that over 90 per cent of the over 700,000sqm space had already been committed.
“The response from our retail partners has been very positive to date and reflects the quality of the base buildings, on grade access and strategic locations,” said Di Pilla.
“We are progressing very well and expect to reach financial close of the transaction in early 2017.
“Home Consortium plans to progressively release portfolio details including individual centre fit-out designs and retailer tenancies from early December.”
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