Stake in Sydney mall fetches $135.5m
JY Group has added a Northern Beaches shopping centre to its fast growing portfolio.
The half stake in Warriewood Square cost $135.5 million from ISPT which held it in the Core Fund.
Vicinity, which has in recent years been an active buyer and seller, owns the balance.
It also manages the complex.
CBRE’s Simon Rooney was the agent.
The deal comes three years since Dexus paid $50.5m for the five level Arcadia Pittwater private hospital, north of Warriewood (story continues below).
Warriewood Square
Warriewood Square contains 30,344 square metres, anchored to Aldi, Coles, Kmart and Woolworths. Also with four mini-majors, the weighted average lease expiry is 11 years.
About $85m was invested in a renovation in 2016.
Warriewood is 29 kilometres north east of Sydney’s CBD.
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