Banna Property Group has purchased two Perth shopping centres for a combined value of $31 million.
Banna Property Group has expanded its Western Australian footprint with the purchase of two shopping centres for a combined $31 million in recent months.
The Sydney-based family property company recently purchased Kinross Shopping Centre for $16.88 million from Perth property fund APIL.
This followed Banna’s purchase of Woodlake Village in Ellenbrook $14.3 million earlier this year.
The Kinross property, anchored by IGA, includes 14 specialty shops on a 13,676 square metre site at 3 Selkirk Drive.
It was sold on a 6.16 per cent yield, via an expression of interest campaign brokered by RWC WA’s Andrew Woodley-Page, Brett Wilkins and Stephen Harrison.
Mr Woodley-Page said the sales campaign was highly competitive.
“We received in excess of 150 enquiries, 10 highly competitive bids, the top four of which proceeded to a second round of bidding,” he said.
He added that the buyer was drawn to the property for its relative value compared with the east coast.
“They are owners of shopping centres on the east coast and this is their second west coast acquisition,” he said.
“They are drawn to the WA market because of the arbitrage between east and west coast deal.
“They have particular expertise in retail asset management which they are looking to deploy to the west.”
Banna Property bought Ellenbrook’s Woodlake Village from Broadstone Bare Superannuation, controlled by Farah and Farshid Ghalili of NSW.
