DANDENONG Plaza will soon have a new owner.
GPT Group has agreed to sell the shopping centre to Sydney-based Armada Funds Management for $197 million, subject to Foreign Investment Review Board (FIRB) approval.
Settlement is expected on 29 February.
JLL’s retail investments head Simon Rooney negotiated the transaction and said it would be the fourth largest in the retail sector for 2015 and the second largest individual shopping centre sold for the year.
The centre has about 57,128 square metres of gross lettable area and includes Kmart and Target discount department stores, Coles, Woolworths and Aldi supermarkets, Reading Cinemas, 14 mini major tenancies, 142 specialty tenancies, 23 kiosks and car parking for 3248 vehicles.
GPT’s head of retail Vanessa Orth said replacing Myer and new leases with Target and Woolworth had preceded a sale campaign in September.
