Considered to be one of the biggest equity raises for an unlisted retail asset in Australia, Warren Ebert’s Sentinel Property Group has acquired the shopping centre for $400M.
Sentinel Property Group considers the transaction to be a ‘landmark deal’ given that no other retail centre dominates its market catchment the same a Casuarina Square does. The shopping centre has been trading since 1973 and it is now home to over 190 stores with such names as Kmart, Woolworths, Big W and Coles among its portfolio, as well as a seven-screen Birch Carroll and Coyle Cinema.
Confident that the centre will be worth $1bn within seven to 10 years, Ebert said: “This is a trophy asset and the stand-out retail property in Australia without a doubt. The centre receives more than 8 million visitors a year and there is a tremendous opportunity to add value to the complex as there is approximately 54,000sq m of development potential on the site. For Darwin to grow, Casuarina Square must also grow as both a retail centre and an employment node.”
