Sydney’s Greystanes shopping centre has been sold for $76 million by the Region group to Revelop, a private retail investment group, as neighbourhood shopping centre prices rebound.
The Revelop group struck the deal at a rate of $12,639 per sqm on a yield of 5.5 per cent, which represented the lowest capitalisation rate paid for a neighbourhood shopping centre above $50 million in the last three years.
“The acquisition not only strengthens our presence in Western Sydney but also creates powerful synergies with our existing centres in surrounding areas including Pemulwuy, Smithfield, Blacktown, and Stanhope,” said Charbel Hazzouri, director of Revelop.
CBRE, a real estate services and investment firm, negotiated the deal on behalf of the Region group.
“We are increasingly seeing vendor and purchaser price alignment on transactions. In this instance, the strong pricing and total return outcome for Region Group was matched by Revelop’s desire to acquire an asset in metropolitan Sydney and in an area where they held other retail investments,” said CBRE’s national director of retail investments, James Douglas.
The mall, located nearly 30km west of Sydney, features 30 shops, parking for 271 spaces and serves a trade area of around 90,000 people.
