- The deal was announced just before Christmas
- CBRE's Simon Rooney noted $3.7B of retail assets deals occurred during 2021
- YFG owns over 20 shopping centres across south west Queensland, including the Gold Coast
Brisbane’s Strathpine Centre has been acquired by YFG Shopping Centres in an off-market deal announced just before Christmas.
YFG, owned by the Fu Family – one of the largest owners of shopping centres in Australia – acquired the centre for $267 million, highlighting the strong ongoing interest in major Queensland shopping centres.
It has been acquired from US private equity firm Blackstone at a 6% yield.
The transaction was negotiated by Simon Rooney, CBRE’s Head of Retail Capital Markets – Pacific, who noted that despite the impact of Covid, $3.7 billion in retail deals had been transacted in Queensland throughout 2021.
“Investor interest has been underpinned by robust retail expenditure and forecast population growth, coupled with the fact that shopping centres in Queensland have been significantly less impacted by COVID than other major eastern seaboard markets,” said Mr Rooney.
“Following the strong momentum shift in the retail investment market in the second half of 2021, we expect transaction activity, sales volumes and pricing to continue to increase moving into 2022 across all national retail investment markets.”
With a gross lettable area of 45,304sqm, Strathpine Centre is a major convenience-based sub-regional shopping centre covering a 17.47 hectare site 22 kilometres north of the Brisbane CBD.
YFG owns over 20 shopping centres throughout south east Queensland, which includes the Australia Fair shopping centre on the Gold Coast along with Brookside, Sunnybank Plaza and Toowong Village and Tower shopping centres.
Retail First manage their portfolio on a day-to-day basis.
In 2020, the firm completed the staged acquisition of Mt Ommanery Centre, previously owned by Vicinity Centres and Nuveen Real Estate, for a total consideration of over $379 million.
The centre is anchored by the triple supermarket offering of Coles, Woolworths and Aldi, along with discount department stores operators Big W and Target along with a Birch Carroll and Coyle cinema complex.
The food and service chain tenants represent 84% of the gross lettable area and 83% of the total passing rental income.