Landmark Blacktown mall selling for $900m
Haben, founded in 2009 by father and son Harold and Ben Finger, is teaming with one of the world’s biggest real estate investors, Hines, to buy Sydney’s Westpoint Blacktown.
The nine hectare mall – one of the largest in western Sydney with 94,422 square metres – is speculated to be costing about $900 million.
The buyers are now seeking to raise about $520m.
Another $50m will be offered to local private institutional investors.
US based Hines will tip in the most – $260m – followed by Haben with the balance ($210m).
Colliers’ Lachlan MacGillivray is brokering the off-market deal for QIC.
Westpoint Blacktown
Completed 51 years ago, opposite Blacktown train station, Westpoint services a catchment of about 330,000,
Annual visits circled 17.3m last year, according to QIC.
Aldi, Big W, Coles, Kmart, Uniqlo and Woolworths are amongst the anchors; there are 253 tenancies with almost 90 per cent of income is derived from national and listed businesses.
Two floors vacated by Myer in 2022 are now occupied by a Club Lime gym, Cotton On, JB Hi Fi, Harris Scarfe and Uniqlo, following a refurbishment (story continues below).
There is also 1949 sqm of co-working space and 4378 car parks.
Blacktown is about 34 kilometres from the CBD.
Haben, Hines spend again
Any Westpoint Blacktown deal would come three years since Haben bought Wollongong Central for just over $400m, from The GPT Group.
Also in 2021, in Melbourne, the fund manager and investor teamed with Hong Kong’s JY Group for Casey Central, which cost $225m.
The pair also own The Pines in East Doncaster, in that city.
That mall set it back $153m in 2020 from Stockland.
Haben has invested heavily in Queensland over the past two years with assets, including seizing full control of Stockland Townsville, with separate deals to Stockland and the Dexus managed AMP Shopping Centre Fund, which held equal stakes.
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