Elanor targets Neeta City Shopping Centre in $180m spree
The listed Elanor Investors Group is finishing the year in a burst of fresh property buying with the group targeting the purchase of a Sydney shopping centre and a Perth office building in deals worth about $180 million.
In Sydney, the group is in talks to buy Neeta City Shopping Centre in Fairfield from funds group Arcadia for about $90 million.
The Sydney metropolitan subregional shopping centre could either go into a separate syndicate or into the group’s listed retail fund.
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The centre, which is anchored by Big W and Woolworths, is near Fairfield station and sits on a 2.22ha site that has long-term mixed-use development potential.
The deal is being brokered by Lachlan MacGillivray and James Wilson of Colliers International, who declined to comment.
The centre also has healthy exposure to non-discretionary spending and the main trade area’s forecast retail spending is projected to increase at an average annual rate of 3.5% per annum to $2.72 billion by 2031.
The Perth office complex at 226 Adelaide Terrace.
In Perth, Elanor is chasing the purchase of the A-grade Eni House at 226 Adelaide Terrace from US private equity house Blackstone, in a deal also worth close to $90 million.
Blackstone picked up the Perth building as part of the 11-strong SA Motor Accident Commission portfolio last year for about $500 million in total.
JLL’s John Williams and Sean Flynn and CBRE’s Aaron Desange and Kate Foley are handling the sale but declined to comment.
The fully leased building has a two-level basement carpark, ground floor and six levels of A-grade office.
Elanor in June set up a new managed fund, the WorkZone West Syndicate, to hold the namesake property in Perth.
This article originally appeared on www.theaustralian.com.au/property.
