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Investment Fund Takes Share in Shopping Centre

A 50-per-cent share of Brisbane’s Grand Plaza Shopping Centre has been acquired by EG Australian Core Enhanced Funds for an undisclosed amount.

Simon Rooney, head of retail capital markets – Pacific at CBRE, who brokered the sale on behalf of US fund Invesco, said the deal highlights strong ongoing demand for Queensland retail investments, with over $4.5bn in sales occurring since the beginning of last year. The other half of the mall is owned by the Australian retail property group Vicinity Centres.

Located 22kms from Brisbane’s CBD, the centre sits in an underutilised site spanning 181,090sq m with a gross lettable area of 53,288sq m. It features parking space for 2,500 cars, a refurbished food court, three supermarkets – Woolworths, Aldi and Coles – along with Target, Kmart, Big W and Event Cinemas as major tenants.

EG’s Head of Capital Transactions, Sean Fleming, said Grand Plaza mall will benefit from the anticipated capital growth and cap rate compression across Australian retail markets this year. “Value can be extracted from this asset with an active asset management strategy to enhance the retail offering and tenant mix,” he said.

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