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FULL OWNERSHIP: Charter Hall-managed funds have moved to 100 per cent ownership of Metcash’s Canning Vale distribution centre.

$275m week for retail, industrial sectors

THE lively start to the year for Perth’s property market has continued, with four substantial retail and industrial properties changing hands in the past week in deals worth an estimated $275 million.

The largest sale was a 50 per cent stake in Centro Mandurah shopping centre, which is believed to have sold at or about book value of $124 million.

The Phoenix shopping centre in Spearwood has also changed hands, and property agents are confident more centres will be sold this year.

In a substantial transaction in the industrial market, a Charter Hall fund has acquired a 50 per cent stake in Metcash’s Canning Vale distribution centre. This was the second Charter Hall deal of the year and the fourth significant industrial property in Perth to change hands.

The Mandurah deal was part of the long-running restructuring of Federation Centres, the company formerly known as Centro Retail.

It announced last Friday the sale of 50 per cent interests in four sub-regional shopping centres and one neighbourhood centre, in a $371 million deal with fund manager ISPT.

These included two properties in Western Australia - Centro Mandurah with a book value of $248 million, and the Halls Head shops with a book value of $28 million.

The Federation sale is further evidence of the dominant retail property investment theme in 2012, according to Jones Lang Lasalle, which handled the sale.

JLL’s Australian head of retail investments, Simon Rooney, said listed real estate investment trusts were recycling capital by selling down part or whole stakes in property assets at book value or a small premium.

The Federation portfolio sold at a 2.9 per cent premium to book value.

It follows Federation’s sale last year of a 50 per cent interest in three major regional shopping centres, including the Galleria in Morley, at a 3.7 per cent premium to book value.

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Gross lettable area

12th-Belmont Forum Shopping Centre41,900
13th-Forrest Chase41,300
14th-Mandurah Forum38,300
15th-Ocean Keys Shopping Centre37,889
16th-The Shops At Ellenbrook32,394
160 shopping centres ranked by gross lettable area (gla) in m2

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