Stockland will sell Bay Village shopping centre on the NSW Central Coast to Charter Hall for $164 million, and it has sold 255-267 St Georges Terrace in Perth to Primewest for a combined $27.6 million.
Stockland will sell Bay Village shopping centre on the NSW Central Coast to Charter Hall for $164 million.
Bay Village Shopping Centre is a 29,162 sqm sub-regional shopping centre in Bateau Bay. Expanded and refurbished in 2006, it is anchored by Woolworths, Coles, Kmart, and Aldi.
The property will be held in a new unlisted wholesale trust owned by a Charter Hall global institutional partner, which will hold an 80 percent equity interest. The remaining 20 percent equity will be held by the Charter Hall Property Trust co-investment portfolio.
Charter Hall will provide all investment, property, leasing and financial management services for the new partnership.
Stockland says the sale is in line with its strategic portfolio and capital management objectives.
Stockland also sold 255-267 St Georges Terrace in Perth - which comprises two office buildings adjacent to a park - to Primewest for a combined $27.6 million.