Rockingham Centre in $180m deal

IP Generation has acquired AMP Capital’s half stake in Rockingham shopping centre for $180 million, with Vicinity Centres retaining the other 50 per cent as co-owner.

Rockingham Centre on Council Avenue has a gross lettable area of 62,204 square metres with adjoining vacant land covering 42,617 square metres.

The off-market sale of 50 per cent ownership of Rockingham Centre was negotiated by CBRE on behalf of AMP Capital Shopping Centre Fund.

CBRE Head of Retail Capital Markets – Pacific Simon Rooney said there was a particularly strong interest in assets which offer strategic value-add opportunities.

“The Rockingham transaction demonstrates the renewed demand for quality, sub-regional and regional assets with a focus on non-discretionary spending,” he said.

A CBRE statement said the deal was the largest joint venture, 50 per cent sale of a regional shopping centre since EG Funds bought Invesco’s half share in Queensland’s Grand Plaza Shopping Centre for $215 million.

This Western Australian deal follows Victoria-based IP Generation’s other shopping centre acquisition of Westfield Helensvale in Queensland for $185 million in late 2021, CBRE said.

RP data shows that Rockingham Centre was sold to AMP Capital for just over $305 million in October 2017.

The deal follows AMP’s divestment of its Collimate Capital infrastructure portfolio in April last year.

The state government has also identified Rockingham as one of its nine Strategic Metropolitan Centres.