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CIP sells stake in Roselands Shopping Centre for $167 million

JY Group has paid $167 million for a 50% interest in Roselands Shopping Centre

Fast growing investor JY Group has outlaid $167 million for a 50% interest in one of Sydney’s oldest shopping centres – Roselands Shopping Centre in Sydney’s south-west.

JY Group already owns three Melbourne shopping centres, having teamed with Mulpha Australia to acquire Brimbank Shopping Centre for $153 million in 2019, before joining with property funds manager Haben to purchase Casey Central from M&G and Stockland The Pines for $225 million and $155 million respectively.

CBRE’s Head of Retail Capital Markets, Pacific, Simon Rooney negotiated the off-market sale of Roselands on behalf of CIP Asset Management, amid a surge in buyer interest in shopping centre investment opportunities.

Roselands Shopping Centre is a community-focused, culinary destination

Rooney noted that almost $4.52 billion had flowed into Australian retail investments in Q2 and Q3, up 118% on the same period last year and markedly ahead of the comparative spikes in office and industrial transactions (which were up 88% and 87% respectively).

That momentum has continued into Q4, with yesterday’s announcement that UniSuper and Cbus Property have partnered with AMP Capital to take majority ownership of Pacific Fair on the Gold Coast and a half stake in Sydney’s Macquarie Centre in a $2.2 billion deal.

“Retail is the real mover at present, with at least another $2 billion in assets expected to change hands this year,” Rooney said.

“The comparative returns and value proposition is clearly compelling, with major owners now able to competitively rebalance portfolios, allowing incoming investors to strategically acquire some of Australia’s best retail assets. This return of institutional capital into the sector, combined with strong private investor demand, will see heightened transactional activity into 2022.”

Rooney noted that Roselands’ strong performance, track record and future value-add, mixed-use development potential had been key buyer drawcards.

“Roselands provided an extremely rare and highly sought-after opportunity to acquire a stake in a Sydney metropolitan-based regional shopping centre,” Rooney said.

The $90 million fresh food precinct – The Markets was launched in 2019

In 2019, Vicinity Centres, co-owner of Roselands Shopping Centre delivered a $90 million fresh food precinct – The Markets.

‘The New Roselands’ is a community-focused, culinary destination that offers shoppers greater convenience and a premium food retail experience including a new ALDI, a transformed Coles, a new Woolworths and a wide selection of casual dining and quick bite options all on one convenient level.

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Shopping Centre News

Shopping Centre News (SCN) is in the ‘information business’, and is perceived as such by its readers. Daily industry news makes shoppingcentrenews.com.au a must-visit as part of the morning routine for those who want to keep right across the latest retail developments and events, while SCN's premium magazine is the leading publication for the shopping centre industry in Australia and New Zealand.

Known as the ‘industry bible’ SCN is printed five times a year with fascinating, in-depth features and important critical analysis written by known industry insiders as well as the popular ‘Guns’ reports, which ranks Australian shopping centre performances. Shopping Centre News is the only publication in the world that features centre statistics on Turnover, Turnover per square metre and Specialty Shop turnover per square metre for every major centre in Australia.

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