A half share in South Australia\u2019s largest shopping centre, Westfield Marion, has sold for $670 million.<\/p>\n\n\n\n
The acquisition by commercial real estate investors JY Group, one of the largest retail property transactions in Australia, has taken JY\u2019s asset-under-management portfolio to $4.9 billion since 2019.<\/p>\n\n\n\n
The expressions of interest campaign was managed by representatives from CBRE and JLL, on behalf of the Singapore-based sellers, Cuscadean Peak. It follows JY\u2019s recent acquisition of a\u00a050 per cent stake in Bankstown Central\u00a0and a\u00a050 per cent stake in Westfield Whitford City.<\/p>\n\n\n\n
\u201cThe sale process generated a significant level of both domestic and offshore engagement from a wide range of capital sources, including several institutional investors,\u201d said CBRE\u2019s head of retail capital markets for the Pacific region, Simon Rooney.<\/p>\n\n\n\n
\u201cFortress assets of the calibre of Westfield Marion remain highly sought-after, in this case underpinned by exceptional centre performance,\u00a0the ability to partner with Scentre Group, Adelaide\u2019s compelling yield spread relative to Sydney and Melbourne, and South Australia\u2019s favourable property tax regime.\u201d<\/p>\n\n\n\n
Located 13km south-west of the Adelaide CBD, Westfield Marion sits on a 22.8ha freehold site. Its total gross lettable area of around 138,000sqm is anchored by David Jones, Myer, Woolworths, and Coles. The mall draws around 12.5 million customers annually.<\/p>\n\n\n\n
\u201cThe opportunity to acquire an ownership stake in the super-regional sub-sector is rarely afforded to the public market,\u201d said Nick Willis of JLL. \u201cThese assets are tightly guarded \u2013 they exhibit fortress-like fundamentals that are virtually impossible to replicate.<\/p>\n\n\n\n
\u201cThe sale of Westfield Marion presented a rare opportunity to enter this sub-sector and secure a stake in one of Australia\u2019s premier performing shopping centres.\u201d<\/p>\n\n\n\n
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A half share in South Australia\u2019s largest shopping centre, Westfield Marion, has sold for $670 million. The acquisition by commercial real estate investors JY Group, one of the largest retail property transactions in Australia, has taken JY\u2019s asset-under-management portfolio to $4.9 billion since 2019. The expressions of interest campaign was managed by representatives from CBRE […]<\/p>","protected":false},"author":4,"featured_media":4330,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8],"tags":[28],"class_list":["post-4329","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-shopping-centre-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.thejygroup.com\/zh\/wp-json\/wp\/v2\/posts\/4329","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\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thejygroup.com\/zh\/wp-json\/wp\/v2\/comments?post=4329"}],"version-history":[{"count":3,"href":"https:\/\/www.thejygroup.com\/zh\/wp-json\/wp\/v2\/posts\/4329\/revisions"}],"predecessor-version":[{"id":4335,"href":"https:\/\/www.thejygroup.com\/zh\/wp-json\/wp\/v2\/posts\/4329\/revisions\/4335"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thejygroup.com\/zh\/wp-json\/wp\/v2\/media\/4330"}],"wp:attachment":[{"href":"https:\/\/www.thejygroup.com\/zh\/wp-json\/wp\/v2\/media?parent=4329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thejygroup.com\/zh\/wp-json\/wp\/v2\/categories?post=4329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thejygroup.com\/zh\/wp-json\/wp\/v2\/tags?post=4329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}