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AMP Capital today announced the acquisition of Stud Park Shopping Centre in Victoria for $154 million. The sub-regional shopping centre will be owned by investors in the Wholesale Australian Property Fund (WAPF).
Stud Park Shopping Centre is an established centre situated in Rowville, approximately 30km south east of Melbourne’s CBD. Rowville is a large and established suburb comprising a diverse mix of residential, community, industrial and business park uses.
The Centre is an approximate 26,000 square metre single level sub-regional shopping centre. Major anchor tenants include Woolworths, Coles and Kmart in addition to 58 specialty tenants and a council library. With over 1,500 car spaces, the buildings sit on approximately 11 hectares of land.
Wholesale Australian Property Fund Manager Chris Davitt said he was pleased to add Stud Park to the Fund’s portfolio of office, retail and industrial properties.
“Stud Park Shopping Centre is a welcome addition to the Fund’s portfolio, and provides diversification of both income and geography. We expect the solid performance of the centre to continue and take advantage of the higher incomes in the trade area, which are 12 per cent above the Melbourne average,” Mr Davitt said.
“WAPF has been providing small retail investors with a reliable distribution for over 30 years by investing in properties such as Stud Park Shopping Centre, which have a robust cashflow and long-term capital growth potential.”
AMP Capital Shopping Centres will undertake the management of Stud Park Shopping Centre. The addition of Stud Park will increase AMP Capital Shopping Centres’ portfolio to 18 centres across Australia and New Zealand and include Macquarie Centre in Sydney, Pacific Fair on the Gold Coast and Malvern Central in Melbourne
The Wholesale Australian Property Fund allows retail investors to access a diversified portfolio of quality Australian office, retail and industrial properties. Established in 1985, WAPF has 13 properties valued at approximately $700 million and aims to provide stable returns, made up primarily of income with some long-term capital growth. It targets assets which have high occupancy rates and stable income streams underpinned by leases to long-term, secure commercial tenants.