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Blackstone Flips Top Ryde Retail Centre for $700m

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Global property giant Blackstone is selling its first ever Australian property purchase, the Top Ryde City Shopping centre in Sydney’s north west.

Blackstone acquired the then struggling shopping centre for $341 million in 2012 from receivers after it underwent an $800 million redevelopment that caused the company of John Beville, Bevillesta, to collapse.

Blackstone is set to double its money over the five-year investment, with the centre likely to sell for $700 million.

Related reading: Charter Hall Set to Buy Blackstone’s Stake in Westpac Plaza

In line with Blackstone’s infamous “buy, fix, sell” strategy, the group turned the distressed mall around, resulting in a 215 per cent increase in moving annual turnover (MAT).

The group achieved this by replacing the failing Myer department store with a Coles, TKMaxx and a Harris Scarfe store which became its three top performers, along with $90 million in upgrades of the 76,958 square metres shopping complex.

The mall, 14km northwest of Sydney’s CBD, includes a Woolworths, Aldi, Kmart, Big W and Event Cinemas and generates about $34.7 million each year.

In September Blackstone called off the sale of its $3 billion shopping centre portfolio comprising regional and subregional shopping centres amid concern over online e-commerce giant Amazon’s arrival to Australia’s shores.

JLL’s Simon Rooney is brokering the Top Ryde sale.

Marking the most lucrative equity deal on record, Blackstone announced it was selling the last of its Hilton Holdings Inc. shares, in a sweep that will see Blackstone gain more than $14 billion ($18 billion) in profit from its 11 year Hilton relationship.

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Article originally posted at: https://theurbandeveloper.com/articles/blackstone-flips-top-ryde-retail-centre-for-700m-