Private investor pays $145m for Sydney’s Lidcombe Centre
A wholesale fund run by Vicinity Centres has sold the Lidcombe Centre, a subregional centre in Sydney’s western suburbs, to a private investor for about $145 million, as the vehicle winds down.
Vicinity is now focused on setting up a $1 billion wholesale property fund in a joint venture with Singapore’s Keppel Capital. It has also been selling down a separate portfolio, the bulk of which was picked up by SCA Property Group this month for $573 million.
The group put the Lidcombe complex on the block in April, alongside the Gateway Plaza Leopold, a subregional on Victoria’s Bellarine Peninsula that sold for $117 million to funds managed by Charter Hall.
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Vicinity’s wholesale shopping centre fund, whose management it picked up as part of the Novion merger, sold the centres in NSW and Victoria as its investment term runs out.
The fund was set up by Colonial First State Global Asset Management and seeded with $600m from eight local and offshore wholesale investors in 2013. It targeted subregional and neighbourhood shopping centres worth between $25 million and $125 million.
Its portfolio also included Keilor Shopping Centre and Mildura Central in Victoria, as well as Riverside Plaza in Queanbeyan and Bathurst City Centre in NSW, although some assets have since been sold.
The Lidcombe Centre is anchored by Kmart, Woolworths and Aldi and has 10 mini-majors and 59 specialties and kiosks.
Simon Rooney of JLL handled the deal but declined to comment yesterday.
This article originally appeared on www.theaustralian.com.au/property.
