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With a gross leasable area of 14,600 sq m, the three freehold retail assets are being sold to a consortium comprising Fortius Funds Management and SC Capital Partners Group on behalf of its RECAP V Fund.
Frasers Property Australia and its joint venture partner Sekisui House Australia have sold three retail assets in their A$2 billion (S$1.86 billion) mixed-use project, Central Park, for A$174.5 million (S$162 million).
With a gross leasable area of 14,600 sq m, the three freehold retail assets – namely, Central Park Mall, Park Lane Retail and DUO Retail – are being sold to a consortium comprising Fortius Funds Management and SC Capital Partners Group on behalf of its RECAP V Fund.
Central Park Mall, which is the biggest of the three assets, opened in late 2013, featuring a diverse mix of fashion, entertainment and experiential retailers as well as an alfresco dining precinct.
The sale is the final component of the joint venture’s divestment strategy as the 12-year Central Park development nears completion.
“This is a great outcome for Frasers Property, Sekisui House and the Central Park development. Central Park is a true destination for people with a diverse mix of interesting shops, convenience options and experiential retailers, in a comfortable green setting beneath one of the world’s most iconic buildings,” said Frasers Property Australia’s development director Mick Caddey.
“The strong interest we received throughout the campaign reflects not only the quality of the retail offer, but also the unique role it plays serving one of Sydney’s premier urban communities in a high-profile, well-patronised location.”
The Central Park precinct saw customer traffic and sales grow 33 percent and 56 percent, respectively, since 2014.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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