Superannuation giant ISPT’s retail fund has purchased its first Brisbane asset with the acquisition of the Bracken Ridge Plaza in the city's north.
The ISPT Retail Australia Property Trust purchased the 6079 sq m centre which is anchored by a Coles supermarket and also has 25 fully leased specialty shops, for an undisclosed price.
Cameron Gregson, ISPT’s Fund Manager said: “Bracken Ridge Plaza provides IRAPT with its first investment into metropolitan Brisbane. The centre is well located and established in its catchment.""We see great opportunity to improve the centre’s productivity with further capital investment and tenancy re-mixing in the years ahead.”
Bracken Ridge Plaza is a convenience-based neighbourhood shopping centre located approximately 18 km’s north of the Brisbane CBD.
In 2009 a group of local investors bought the centre from Brookfield Multiplex for $20.5 million.