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IP Generation has scooped up the Lederer shopping centre portfolio for $300 million after entering an agreement for six “land-rich” neighbourhood centres across Sydney and regional NSW.
The company, headed by Chris Lock and former Scentre executive Greg Miles, purchased the mall portfolio from rich-lister Paul Lederer, who built up the portfolio with his late uncle Andrew Lederer.
The centres, predominantly leased to Coles, Woolworths and Aldi, are in Cessnock, Gosford, Richmond, Miranda, Corrimal and Goulburn.
The malls will be added to IP Generation’s retail portfolios, which includes the $81-million Mildura Central Shopping Centre purchased from Vicinity Centres in April, 2021.
JLL national retail investments team Nick Willis and Sam Hatcher brokered the deal.
Related: Lederer’s $345m Gosford Alive Precinct Gets Go Ahead
IP Generation described the properties as “land-rich neighbourhood shopping centres” that derived income from “everyday needs tenants”.
Meanwhile, the Lederer Group is moving forward with its Gosford Alive project to replace an old shopping centre with a five-tower mixed-use development.
The project is around the corner from Imperial Centre Gosford, which was part of the IP Generation deal.
In other recent retail market movements, QIC is putting its 50 per cent share in Westfield Helensvale up for sale through CBRE.
As well, Burgess Rawson is preparing a $150-million portfolio auction, including a new Bunnings at Plainland, Queensland.
