The latest deal, struck on a yield below 6 per cent, also comes in a record year for Queensland’s retail real estate.
The Strathpine mall is the latest acquisition for YFG Shopping Centres, a family business which controls more than 20 centres in south-east Queensland. Last year it took overThe year’s tally of mall deals may rise even higher, with boutique fund manager IP Generation understood to be conducting due diligence on
The resurgence of investment in shopping centres follows two years of disruption, rolling lockdowns, and an acceleration in online shopping, which prompted large write-downs in major mall portfolios last year.“As we have come out of COVID-19 lockdowns and seen a progressive relaxing of restrictions, major retail asset activity above $100 million is up 383 per cent on 2020, at a year-to-date [total] of $8.
The big movers in 2021 included the regional shopping centre market with seven major sales at over $3.9 billion. But the sub-regional market with more than 15 transactions totalling over $2.5 billion was the main focus for investors – especially the smaller, private fund managers such as JY Group and Haben, Fawkner Property, IP Generation and Greenpool with Qualitas.
“We see this trend starting to rebalance as major institutions reset and ready themselves to re-enter the market for strategic opportunities,” Mr Rooney said. edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts.
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