APiL will pay $13.5 million for the north-eastern suburbs neighbourhood shopping centre, which is anchored by a Woolworths supermarket, a Caltex petrol station and five speciality stores.
Mr Woodley-Page said the asset had been an attractive proposition, with a weighted average lease expiry (WALE) of 11.5 years.
“The asset’s catchment area is forecast for steady population growth, which will ensure the continued performance of this asset,” he said.
APiL managing director Peter Hughes said the property syndicator experienced strong demand from investors seeking to tip in equity to buy the asset.
“We are delighted with this acquisition and Ballajura Central typifies the outstanding investment fundamentals demonstrated by well-located neighbourhood shopping centres in Perth’s metropolitan area,” he said.
The transaction moves APiL up one spot on the BNiQ Shopping Centre Owners list, to rank 13th in the state, with more than 42,000 square metres of retail space under ownership.
Mr Hughes said the Ballajura acquisition was APiL’s 21st property investment trust, which took its total value of acquisitions to more than $600 million.
The Ballajura deal follows APiL buying Champion Drive Shopping Centre, near Armadale, also for $13.5 million, in July last year.
APiL's previous most-recent transaction was the purchase of Carine Glades Shopping Centre in August 2014 for $24.25 million.