Investor and boutique fund manager IP Generation has acquired a 50 per cent stake in WA’s Rockingham Centre for a cost of $180M.
With a gross lettable area of 62,204sq m, the Rockingham Centre is anchored by Coles and Woolworths supermarkets along with Ace Cinemas, Kmart, Target and a number of other discount department stores.
There is development potential for an adjoining 42,617sq m of vacant land, subject to council approval.
The deal was negotiated by CBRE, and Simon Rooney of the company, said that the transaction demonstrates the “renewed demand for quality, sub-regional and regional assets with a focus on non-discretionary spending.”
