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News release

AUSTRALIA

Charter Hall Group acquires Campbelltown Mall for AUD 197 million, in the largest individual sub-regional shopping centre transaction for 2016

Sub-regional investment activity continues at record pace


​​​JLL's Simon Rooney has exclusively negotiated on behalf of Perron Group, the sale of Campbelltown Mall for AUD 197.0 million in an off market transaction, reflecting a market capitalisation rate of 6.00%.

Mr Rooney, JLL's Head of Retail Investments – Australasia said, "We continue to see a depth of institutional investor interest in strong performing sub-regional shopping centres, especially for assets in growth corridors, with opportunities for value add."

Campbelltown Mall is located in the core of one of Sydney's largest south western suburban business districts and comprises an established, strongly performing convenience based shopping centre.

Mr Rooney said, "There has been a relative shortage of quality retail investment opportunities of significant scale in 2016, so transactions have remained competitive.  Campbelltown Mall is the largest individual sub-regional shopping centre sold this year following divestments by Vicinity Centres, who have been the major sellers and source of sub-regional product in 2016."

The largest sub-regional transactions for 2016 to date, include Vicinity Centres sales of:

  • Four sub-regional centres to Blackstone and Mirvac (AUD 841.4 million) in June
  • A 50% interest in Runaway Bay to Perron Group (AUD 160 million) in June; and
  • A 50% interest in Tuggeranong Hyperdome to TTCT Investments (AUD 120 million) in September.

Mr Rooney said, "The sub-regional sector has continued its record level of activity, with $1.7 billion in transactions in 2016 year-to-date, building on the $2.8 billion in 2015 – which was a record high for the Australian market."

About Campbelltown Mall:

The centre is anchored by Coles, Woolworths, Kmart, Target and Aldi together with 10 mini majors and 84 specialty tenancies, with a 98% occupancy and 4.7 year weighted average lease expiry.

The sub-regional shopping centre has a total gross lettable area of more than 42,200sqm and occupies a prominent 7.2 hectare site, providing very good vehicle accessibility with convenient car parking for 1,788 vehicles.

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