Haben Property Funds has established a firm foundation for sub regional shopping centre values with the acquisition of Casey Central Shopping Centre from M&G Investments for $225m.Haben’s price reflects an initial yield of 5.4%.The centre is anchored by Coles, Woolworths, ALDI and Kmart, providing a Weighted Average Lease Expiry of 14.2 years (by income). The tenancy mix is heavily oriented towards non-discretionary and service-based retailers, with approximately 59% of the specialty GLA currently occupied by service, food catering and fast dining tenants which is highly sought after in the current market.The Centre occupies a relatively low site coverage of approximately 30%, providing Haben some flexibility to drive further value from the real estate.M&G bought the centre in 2016 for close to $220m from Scentre Group who acquired the property back in 2005. Once a small neighbourhood centre of 6500 square metres, Scentre transformed the Centre into a new 28,700-square-metre sub-regional shopping centre. M&G recently renegotiated the discount department store lease, converting the old Target to a modern KMart, with a fresh 15 year lease.Lachlan MacGillivray, head of retail investment services at Colliers International, brokered the deal on behalf of M&G Investments.Haben Property Funds have acquired 6 sub regional centres over the last 4 years from Stockland including Wallsend, Jesmond, The Pines, Caloundra and Cleveland. Casey Central is their largest acquisition.Casey CentralPrevious ArticleNext Article
The centre is anchored by Coles, Woolworths, ALDI and Kmart, providing a Weighted Average Lease Expiry of 14.2 years (by income). The tenancy mix is heavily oriented towards non-discretionary and service-based retailers, with approximately 59% of the specialty GLA currently occupied by service, food catering and fast dining tenants which is highly sought after in the current market.The Centre occupies a relatively low site coverage of approximately 30%, providing Haben some flexibility to drive further value from the real estate.M&G bought the centre in 2016 for close to $220m from Scentre Group who acquired the property back in 2005. Once a small neighbourhood centre of 6500 square metres, Scentre transformed the Centre into a new 28,700-square-metre sub-regional shopping centre. M&G recently renegotiated the discount department store lease, converting the old Target to a modern KMart, with a fresh 15 year lease.Lachlan MacGillivray, head of retail investment services at Colliers International, brokered the deal on behalf of M&G Investments.Haben Property Funds have acquired 6 sub regional centres over the last 4 years from Stockland including Wallsend, Jesmond, The Pines, Caloundra and Cleveland. Casey Central is their largest acquisition.Casey CentralPrevious ArticleNext Article
The Centre occupies a relatively low site coverage of approximately 30%, providing Haben some flexibility to drive further value from the real estate.M&G bought the centre in 2016 for close to $220m from Scentre Group who acquired the property back in 2005. Once a small neighbourhood centre of 6500 square metres, Scentre transformed the Centre into a new 28,700-square-metre sub-regional shopping centre. M&G recently renegotiated the discount department store lease, converting the old Target to a modern KMart, with a fresh 15 year lease.Lachlan MacGillivray, head of retail investment services at Colliers International, brokered the deal on behalf of M&G Investments.Haben Property Funds have acquired 6 sub regional centres over the last 4 years from Stockland including Wallsend, Jesmond, The Pines, Caloundra and Cleveland. Casey Central is their largest acquisition.Casey CentralPrevious ArticleNext Article
M&G bought the centre in 2016 for close to $220m from Scentre Group who acquired the property back in 2005. Once a small neighbourhood centre of 6500 square metres, Scentre transformed the Centre into a new 28,700-square-metre sub-regional shopping centre. M&G recently renegotiated the discount department store lease, converting the old Target to a modern KMart, with a fresh 15 year lease.Lachlan MacGillivray, head of retail investment services at Colliers International, brokered the deal on behalf of M&G Investments.Haben Property Funds have acquired 6 sub regional centres over the last 4 years from Stockland including Wallsend, Jesmond, The Pines, Caloundra and Cleveland. Casey Central is their largest acquisition.Casey CentralPrevious ArticleNext Article
Lachlan MacGillivray, head of retail investment services at Colliers International, brokered the deal on behalf of M&G Investments.Haben Property Funds have acquired 6 sub regional centres over the last 4 years from Stockland including Wallsend, Jesmond, The Pines, Caloundra and Cleveland. Casey Central is their largest acquisition.Casey CentralPrevious ArticleNext Article
Haben Property Funds have acquired 6 sub regional centres over the last 4 years from Stockland including Wallsend, Jesmond, The Pines, Caloundra and Cleveland. Casey Central is their largest acquisition.Casey CentralPrevious ArticleNext Article
Casey CentralPrevious ArticleNext Article
