The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
UPCOMING EVENT - INDUSTRIAL AND LOGISTICS SUMMIT 16 OCTOBER, SYDNEY
INDUSTRIAL AND LOGISTICS SUMMIT - TICKETS NOW ON SALE
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
15
print
Print
OtherWed 11 Apr 18

US Giant Invesco Diversifies with Half-Stake in Brisbane’s Grand Plaza Shopping Centre

eafe7538-ebed-42df-81b3-c30ed2b5fb7d

US fund manager Invesco has purchased a half-share in Brisbane’s Grand Plaza Shopping Centre at Brown’s Plains for $215 million.

The Vicinity Retail Partnership sold a 50 per cent interest in the $430 million shopping centre at a six per cent yield.

The Vicinity Retail Partnership also recently sold a 50 per cent share in West Australia’s Rockingham Shopping Centre to AMP Capital for $305 million.

Vicinity will continue to own its own half stakes in both the Browns Plains and Rockingham malls along with the valuable management and development rights.

The Vicinity Retail Partnership, which includes the Canada Pension Plan Investment Board and Future Fund along with two other unnamed parties, is part of a broader sell-out from a $500 million portfolio of malls managed by Vicinity.

The partnership has been selling down its assets as the fund reaches the end of its eight-year term.

Related reading: Lendlease and Canada Pension Plan Team Up for $2.6bn London Build-to-Rent Project

The Grand Plaza shopping centre, is located 22 kilometres south of the Brisbane CBD and has a gross leasing area of about 51,900 square metres. It is anchored by Kmart, as well as Target and Big W DDS, three supermarkets, speciality tenancies as well as parking for over 2,500 cars.

JLL’s Australian head of retail investments Simon Rooney was the broker for both the Browns Plains and Rockingham sales for Vicinity.

A number of stakes have changed hands in the more valuable shopping centres as retail centres come under pressure from online retailers.

In December, Mirvac sold a half stake in Kawana Shoppingworld on Queensland's Sunshine Coast to ISPT for $186 million.

Late in 2017 the Commonwealth Superannuation Corporation sold half of Indooroopilly Shopping Centre to two AMP Capital funds in a deal worth more than $800 million. AMP Capital has assumed management of that centre.

Invesco has a range of holdings in Australia which has been focused on office towers and industrial parks. This purchase broadens their portfolio in this market.

The global investment management firm has just announced assets under management of US$934.2 million a decrease of 1.2 per cent over the prior month.

Invesco and Challenger have made a $430 million investment into Lendlease’s new Docklands tower which will become the new home of the ANZ Bank.

RetailAustraliaBrisbaneReal EstateSector
ADVERTISEMENT
TOP STORIES
Korean coliving hero
Exclusive

Disconnection by Design: Why ‘Untech’ is the Next Big Amenity

Clare Burnett
5 Min
Global Shifts Redraw the Map for Australia’s Office Market
Exclusive

Office Eyes Slowdown as New Stock Supply Becomes a Trickle

Vanessa Croll
7 Min
Salta MD Sam Tarascio
Exclusive

Why Salta Won’t Break Ground on $400m Pipeline

Leon Della Bosca
7 Min
Exclusive

Precinct Proposals Bloom as Brisbane Middle-Ring Sheds its Past

Phil Bartsch
8 Min
Exclusive

Newest Land Lease Player Plots Sector Shake-Up

Taryn Paris
5 Min
View All >
Placemaking

Arup to Lead Brisbane Games Victoria Park Masterplan

Lindsay Saunders
Shayher 309 North Quay DA hero
Development

Twin-Tower ‘Gateway’ Revealed for Brisbane Renewal Precinct

Phil Bartsch
Korean coliving hero
Exclusive

Disconnection by Design: Why ‘Untech’ is the Next Big Amenity

Clare Burnett
Building in ways to press pause on connected lives is enhancing project appeal, resident satisfaction and long-term valu…
LATEST
Placemaking

Arup to Lead Brisbane Games Victoria Park Masterplan

Lindsay Saunders
3 Min
Shayher 309 North Quay DA hero
Development

Twin-Tower ‘Gateway’ Revealed for Brisbane Renewal Precinct

Phil Bartsch
3 Min
Korean coliving hero
Exclusive

Disconnection by Design: Why ‘Untech’ is the Next Big Amenity

Clare Burnett
5 Min
Kokoda Teneriffe Banks HERO
Development

Kokoda Settles Teneriffe Banks as Melb Project Completes

Leon Della Bosca
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/us-giant-invesco-diversifies-with-half-stake-in-brisbanes-grand-plaza-shopping-centre