DWPF acquires Perth CBD mall
27 October 2016
DWPF acquires Perth CBD retail mall
Dexus Wholesale Property Fund (“DWPF”) today announced it has exchanged conditional contracts to acquire Carillon City, a CBD retail mall, located in the core retail precinct of the Perth CBD.
The property has been acquired for $140 million (excluding acquisition costs), with settlement expected to occur on 30 November 2016.
Carillon City is strategically located with frontages to both the Hay Street and Murray Street malls combined with linkages to Forrest Chase, St Georges Terrace and Perth Railway Station. The centre comprises 10,700 square metres of retail space across four floors, with 108 tenancies including Topshop Topman, Priceline and The Reject Shop.
Michael Sheffield, DWPF Fund Manager said: “The property represents a value add opportunity that provides exposure to the tightly held Perth city retail market and is the Fund’s first retail investment in Western Australia. The acquisition fits well with DWPF’s strategy and enhances the retail portfolio by diversifying across a range of shopping centre types and markets.”
Carillon City will benefit from leveraging the Group’s integrated retail platform expertise across leasing, asset management and development.
This acquisition builds on DWPF’s demonstrated ability to execute on its strategy in recent years through the successful acquisitions of Shepparton Marketplace in December 2014, Sturt Mall, Wagga Wagga and Deepwater Plaza, Woy Woy in July 2014 and Beenleigh Marketplace in December 2013.