- The portfolio comprises 15 shopping centres
- Has over 140,000 square metres of GLA
- Brings total retail assets under management for the agency to 85 properties
A Primewest portfolio of 15 shopping centres will soon be under the management of WA property agency, Cygnet West.
Comprising over 140,000 square metres of gross lettable area (GLA), the portfolio spans the Perth metropolitan area and several key WA regional markets, and is owned by Primewest.
Primewest was previously ASX-listed under the ticker PWG, and merged with Centuria Capital Group (ASX: CNI) last year in a $600 million deal. At the time, the combined group was fourth largest of its kind behind Dexus, Charter Hall Group and Goodman Group, with $15.5 billion in assets.
The portfolio includes several key assets, including Primewest Cottesloe Central (12,495 square metres), Primewest Bunbury Centrepoint Shopping Centre (16,813 square metres), and Primewest Southern River Shopping Centre (12,207 square metres).
Cygnet West’s appointment to the 15 property Primewest portfolio represents the largest shopping centre property management contract to be awarded to a single agent in decades, increasing Cygnet West’s retail assets under management to 85 properties, totalling circa 550,000 square metres of GLA.
Cygnet West Chief Executive, Imran Mohiuddin, said the deal was built on a long and successful relationship with Primewest, which has spanned more than 15 years.
“We look forward to working closely with the Primewest team to deliver exceptional outcomes for its WA portfolio.”
The appointment comes as the agency puts some significant runs on the board.
In March this year, Cygnet West was appointed by DevelopmentWA to deliver market insights. Following a competitive tender process in 2021, the agency’s Valuation, Research and Advisory division was selected to provide market intelligence and insights on Western Australia’s industrial land sector.
In April, the company also managed a campaign for the iconic Miss Maud Hotel in Perth.
In 2021, the agency secured over 56,000 square metres of new or renewed leases across Western Australia against a backdrop of economic uncertainty of retail turmoil brought on by the pandemic.
