Abacus Property Group and global investment firm KKR have put the Oasis Shopping Centre at the Gold Coast suburb of Broadbeach on the market.
The divestment comes four years after the listed property investor and US private equity giant KKR purchased the mixed-use asset for $103.5 million from Brookfield.
Earlier this year, Abacus completed a successful $250 million raising with a focus on expanding into self storage and office markets, with the goal to reduce its exposure in the residential and retail sectors.
Abacus has since sold off its Liverpool Plaza for $46 million, followed by Bacchus Marsh shopping centre to Melbourne investor Colin De Lutis for $61.65 million in April.
Earlier in the year, the listed group partnered with Melbourne based developer Salta Properties, led by Sam Tarascio, to develop a $230 million office complex on Church Street in Richmond.
While in August, Abacus along with Charter Hall purchased Sydney's 201 Elizabeth Street office tower for $630 million from listed property giant Dexus and joint owner Perron Group.
JLL’s Sam Hatcher and Jacob Swan in conjunction with McVay Real Estate are managing the sales process of the Broadbeach mall.
Originally built in 1989, the three level mixed-use development with 24,399sq m of Gross Lettable Area has recently received around $20 million in renovations.
Hatcher says the Broadbeach area, home to hotels Sofitel, Meriton, Mantra, and The Star Casino, has a residential apartment pipeline development, with nine projects that will deliver more than 1000 apartments to the area.
“It's a highly unique, multi-faceted property... [We’re] seeing more opportunistic and value-add investors seeking opportunities in the retail sector given the relative value to other core property sectors.”
Oasis Broadbeach is for sale via an expressions of interest campaign closing 7 November.