{"id":3961,"date":"2021-07-13T12:26:47","date_gmt":"2021-07-13T02:26:47","guid":{"rendered":"https:\/\/www.thejygroup.com\/?p=3961"},"modified":"2025-10-09T15:09:42","modified_gmt":"2025-10-09T05:09:42","slug":"hk-investor-buys-melbourne-mall-from-mg-and-more-asia-real-estate-headlines","status":"publish","type":"post","link":"https:\/\/www.thejygroup.com\/zh\/news\/hk-investor-buys-melbourne-mall-from-mg-and-more-asia-real-estate-headlines\/","title":{"rendered":"Haben snags Casey Central mall in $225m deal"},"content":{"rendered":"
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The deal was struck on a yield of around 5.4 per cent, a relatively tight metric that will be closely noted in a market where sub-regional malls have been considered to be most vulnerable to the rise of e-commerce.<\/p>

Casey central shopping mall, in Melbourne\u2019s south, is anchored by Coles, Woolworths, Aldi and Kmart.<\/p>

The market for major retail transactions is showing signs of re-emerging following the hit to revenue and values reported by major landlords in last year\u2019s pandemic disruption.<\/p>

On the sell side is British investment house M&G Investments, which acquired the mall in late 2016 for around\u00a0$221 million from Westfield operator Scentre.<\/p>

\u201cWe are very pleased with the outcome achieved via a highly competitive sale process for Casey Central, with the fund delivering a strong outcome for its investors,\u201d said James MacKinnon, head of M&G Investments\u2019 real estate arm in Australia.<\/p>

\u201cThe asset has shown incredible resilience through a challenging last 12 months and we have been very pleased with its performance over our period of ownership.\u201d<\/p>

The centre is anchored by Coles, Woolworths, Aldi and a brand-new Kmart discount department store. Together, major tenants occupy 54 per cent of the total space. Underpinning that income, the average lease expiry across the centre is 14.4 years by income.<\/p>

\u201cWe are very focused on the long-term growth fundamentals of the asset and see opportunity to build on the strong foundations that M&G put in place during their ownership,\u201d said Haben\u2019s managing director, Ben Finger.<\/p>

Haben and the JY Group have teamed up on retail investment previously, striking a near $160 million deal midway through last year to acquire the Pines shopping centre in Melbourne from Stockland.<\/p>

The Casey Central transaction was brokered by Colliers\u2019 Lachlan MacGillivray, who said the sale brought the total volume of sub-regional transactions for the year to more than $1.2 billion.<\/p>

\u201cCasey Central is one of the best quality town centres that we have seen offered to the market in recent times,\u201d he said. \u201cIt ticked all the boxes that astute investors were looking for in that it offered a secure tenant profile, limited required capital expenditure and is perfectly positioned to capture the future growth potential of the trade area.\u201d<\/p>

The flow of chunky retail assets has picked up in recent months. In April, Lendlease\u2019s APPF Retail sold CS Square shopping centre on Melbourne\u2019s north-western edge to the De Lutis family for\u00a0$136.5 million on a passing yield of about 6.5 per cent.\u00a0In the same month, Elanor Investors Group\u00a0bought a Toowoomba mall for $145 million deal on a 7.9 per cent yield from Blackstone,\u00a0which had acquired it five years earlier for around $188 million.<\/p>

Last month, Perth\u2019s Mirrabooka mall, part of the real estate empire put together by billionaire Stan Perron,\u00a0sold to syndicator Fawkner Property for $195 million on a passing yield of 6.97 per cent.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"

Haben Property Fund, partnered by Hong Kong investor JY Group, have acquired the Casey Central shopping mall in Melbourne\u2019s south for $225 million, making it the state\u2019s largest such sub-regional shopping centre transaction in five years.<\/p>","protected":false},"author":3,"featured_media":3962,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[8],"tags":[30],"class_list":["post-3961","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-australian-financial-review"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.thejygroup.com\/zh\/wp-json\/wp\/v2\/posts\/3961","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thejygroup.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thejygroup.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thejygroup.com\/zh\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thejygroup.com\/zh\/wp-json\/wp\/v2\/comments?post=3961"}],"version-history":[{"count":0,"href":"https:\/\/www.thejygroup.com\/zh\/wp-json\/wp\/v2\/posts\/3961\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thejygroup.com\/zh\/wp-json\/wp\/v2\/media\/3962"}],"wp:attachment":[{"href":"https:\/\/www.thejygroup.com\/zh\/wp-json\/wp\/v2\/media?parent=3961"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thejygroup.com\/zh\/wp-json\/wp\/v2\/categories?post=3961"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thejygroup.com\/zh\/wp-json\/wp\/v2\/tags?post=3961"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}