M&G Real Estate sold the Casey Central shopping center in Australia to Hong Kong-based real estate investor The JY Group and Sydney-based Haben Property Fund for A $ 225 million (€ 142 million).
The British investor acquired Casey Central for $ 221 million in 2016 from the Scentre Group after its redevelopment as part of an A $ 155 million upgrade.
James MacKinnon, Head of Real Estate Australia at M&G Investments, said: “The asset has shown incredible resilience over the past 12 difficult months, and we are very pleased with its performance during our period. of property.
MacKinnon told IPE Real Assets: “According to our records, it has set a new benchmark for sub-regional malls in Australia.”
When asked if M&G would reinvest the product in Australia, he replied, “As part of our core strategy in Asia-Pacific, we will continue to invest where we see value in the developed markets of. Asia Pacific. Our core APAC strategy continues to see opportunities in the logistics and rental construction industry. “
He said after the sale of Casey Central, M&G only had one retail asset in Australia.
He still owns a 25% stake in Melbourne’s super-regional mall known as Westfield in metropolitan Melbourne, which he acquired in 2016 for around A $ 220 million.
M&G’s other co-investors in the Westfield center are the pension sector asset manager, ISPT and Scentre Group.
Casey Center is the second joint acquisition of The JY Group and Haben, founded by Harold and Ben Finger, a father-son team. The partners bought another shopping complex, The Pines, in Melbourne earlier this year for A $ 150 million.
The JY Group entered the Australian market in 2019. Its first business asset, Brimbank in Melbourne, was followed by the Cairns Hotel in North Queensland.
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