Stockland today announced it had acquired three shopping centres, together with a parcel of land, from Allco Retail Centre Fund for $100 million.
The acquisition comprises two New South Wales shopping centres, at Wallsend in Newcastle and Engadine in Sydney’s south, and one shopping centre in Lilydale, Victoria.
Stockland Retail CEO John Schroder said “This accretive acquisition is a welcome addition to our existing retail portfolio, which currently has a book value approaching $4 billion.”
“The centres offer significant development and asset management upside and will strengthen our $1.5 billion retail development pipeline, allowing us to continue to leverage our development, design and construction capability to add value to these assets.”
“It also boosts our presence in the important metropolitan Melbourne market, and increases our cluster of retail properties in the greater Hunter trade area, which has significant growth potential,” Mr Schroder said.
Wallsend Plaza, in Newcastle, is approximately 160 kilometres north of Sydney. The site comprises Coles and Aldi, along with 45 other specialty retailers and 585 car parking spaces. Additional commercial floor space is located on the first floor above the retail area. Wallsend Plaza will bolster Stockland’s presence in the Newcastle and Hunter region, complimenting the existing Stockland Green Hills, Stockland Glendale and Stockland Jesmond shopping centres.
Engadine Court Shopping Centre is a neighbourhood shopping centre located 37 kilometres south of Sydney which features a Franklins and 27 other specialty retailers.
The Lilydale Marketplace Shopping Centre, which includes 2.3 hectares of adjacent vacant land zoned for business use, is located 35 kilometres east of Melbourne in the growth corridor of Maroondah. The site features a Safeway supermarket, 31 specialty stores and 555 car parking spaces.