DWPF’s acquisition of Beenleigh Marketplace in December 2013 delivered on the Fund’s strategy of investing in high quality shopping centres.
These centres have the ability to dominate their main trade areas, leverage off the trade area demographics, have a bias to non-discretionary expenditure and the ability to add value via redevelopment.
Beenleigh Marketplace provided attractive property metrics and opportunity for enhanced returns:
- Acquired for $88.4 million at a capitalisation rate of 7.50% and an initial yield of 7.67%
- Strong occupancy and long term anchor tenants
- Moving annual turnover growth up 3.6% for 12 months
- Recently achieved 100% occupancy for the first time in three years
Since acquisition, the Group’s retail team has commenced a repositioning strategy which will enhance the customer experience and improve the retail offering, capturing trade area growth and driving valuation uplift.