07/02/2013 - 11:02

Singaporean group finalises Phoenix acquisition

07/02/2013 - 11:02

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Singaporean group finalises Phoenix acquisition

Singapore’s Rockworth Capital Partners has finalised its purchase of Phoenix Shopping Centre in Spearwood for $75.8 million.

The sale, which was foreshadowed in August by WA Business News, is the second large shopping centre purchase by Rockworth in six months, after it acquired Beechboro’s Altone Park in October last year for $15.9 million.

Both deals were brokered by Colliers International director of retail investment services Mark Werret on behalf of vendors Volley Investments, a syndicate of local investors.

The 20,546 square metre Phoenix centre is anchored by Woolworths and Coles supermarkets, as well as a Big W discount department store.

Mr Werrett said details for at least two more shopping centre deals would be released soon and a number of significant new assets were set to come to market.

“We are looking forward to announcing a couple more significant sales that are due to settle in the coming weeks, one of which involves another offshore buyer,” he said.

“There is real renewed buyer focus on in all sectors of the retail market as a result of the outstanding performance of the WA economy and strong retail trade growth, which was up 8.6 per cent last year.

“We are expecting to see very strong interest in Kelmscott Plaza and South Lakes Shopping Centre, which have just been taken to market.”

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