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Dexus Wholesale Property Fund divests $285m sub-regional shopping centre portfolio

Deepwater Plaza closes out the successful portfolio sale of three DWPF assets

Dexus Wholesale Property Fund (DWPF) has reached conditional agreement for the sale of Deepwater Plaza in Woy Woy (NSW) for $112 million. On settlement, this transaction completes the sale of three sub-regional shopping centres for the Fund.

The sales include: Deepwater Plaza for $112.0 million, with settlement expected to occur in Q1 2023; Beenleigh Marketplace for $85.0 million, with settlement expected to occur in April 2023 and Shepparton Marketplace for $88.1 million.

All three transactions were negotiated by Simon Rooney of CBRE.

Deepwater Plaza

DWPF Fund Manager, Michael Sheffield said: “The divestments of these assets continues the implementation of the Fund’s strategy to hold larger regional retail assets.”

Deepwater Plaza, New South Wales is the only sub-regional centre of its size on the Central Coast of NSW. With more than 15,000m2 of retail space, the centre is home to Coles, Kmart, Best & Less, Service NSW and more than 45 specialty stores.

Deepwater Plaza

Beenleigh Marketplace, Queensland is a well-established sub-regional Shopping Centre, strategically positioned within the Beenleigh town centre next to key transport links with more than 20,000m2 of retail space. The Centre is anchored by Big W and Woolworths as well as more than 50 speciality stores.

Shepparton Marketplace, Victoria is a single level sub-regional shopping centre located in the heart of the Goulburn Valley, approximately 200km north of Melbourne. Anchored by Woolworths and Big W and supported by 33 specialty and service stores, Shepparton Marketplace is the largest, fully enclosed shopping precinct within Shepparton with more than 14,500m2  of retail space.

DWPF is is an open-ended unlisted property fund, managed by Dexus.

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