Singaporean-based real estate firm SC Capital Partners have snapped up a half stake of the $146 million iconic Harbour Town in the Docklands precinct.
Working in liaison with Ashe Morgan, of Australia’s leading finance and investment groups, SC Capital Partners is focused on reinventing Harbour Town as a sought-after destination that includes a retail centre, entertainment, commercial and residential precincts.
The real estate firm will place the Harbour Town holding into its fourth real estate private equity fund after buying Real estate group RECAP IV and a Darwin resort for around $80 million last year.
SC Capital Partners Managing Director Andrew Heithersay told The Australian that the group was focused on repositioning assets and high-yielding assets that offered the potential for value.
“On completion of the repositioning plan it will be a prime or core retail asset which will undoubtedly have strong demand from institutional investors,” Mr Heithersay said.
“The whole Docklands precinct has evolved considerably over the last five years.”
SC Capital Partners purchase of the $80 million Darwin property last year that includes an airport, hotel and resort offered a near 10 per cent yield with Mr Heithersay telling The Australian that it offered an opportunity to expand.
