The US-based company PGIM Real Estate has acquired Woodgrove shopping centre in Melbourne for $440M.
PGIM partnered with Australia’s Assemble Funds Management (AFM) to acquire the single-level shopping centre, which occupies 27ha in the suburb of Melton.
The centre generates over $520M and features over 140 stores, including Coles, Woolworths, Aldi, Kmart and a cinema.
“Together with its 27ha of land it presents multiple opportunities to add value and deliver strong distributions during our investment period,” said Tim Meurer, CIO of AFM. “AFM is acquiring its share of the asset on behalf of investors in its diversified fund series, which will shortly open for a new equity raise and a new syndicate of high-net-worth investors,” said Meurer.
Woodgrove has previously undergone three expansions, and the mall draws on a trade area population of 172,000, forecast to rise to over 290,000 by 2039, according to Colliers.
