Stockland Riverton sold for $98m

Elanor Investors Group has bought a Perth shopping centre for $98.75 million in a transaction Colliers claims was the biggest in Western Australia last year.

Stockland sold its Stockland Riverton shopping centre, also known as Riverton Forum, at the corner of High Road and Willeri Drive to Elanor Investors last year but the deal was only settled recently, according to Colliers.

Elanor Investors is a public-listed funds management business dealing with assets in office, healthcare, retail, hotels and tourism.

In December, Elanor Investors announced on the market that a Riverton Forum Fund has been established to acquire Stockland Riverton.

Elanor real estate co-head Michael Baliva said the centre’s offering and car parking made it the dominant convenience shopping destination in its trade area.

“The Riverton Forum Fund has been established to invest in Riverton Forum, a strategic prime Perth metropolitan site with easy accessibility and exposure to 7.9 million vehicles annually,” he said in an ASX statement.

“The investment has significant potential to enhance the defensive, everyday needs offerings of Riverton Forum and divest the property’s non-core pad sites at materially lower yields.”

The shopping centre occupies a 6.31-hectare site, but according to Colliers the low site coverage of 31.4 per cent offers value-add development opportunities.

Colliers WA chief executive Richard Cash and the company’s Asia Pacific retail and capital markets managing director Lachlan MacGillivray brokered the deal.

They said an international expression of interest campaign attracted a strong mixture of domestic and offshore groups, including high net worth and institutional investors.