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Aventus Retail buying A$219M Australian portfolio from Blackstone

Aventus Capital Ltd. said it entered into an agreement onbehalf of Aventus Retail PropertyFund to acquire a portfolio of large-format retail centers inAustralia for A$219 million.

The AustralianFinancial Review said that the portfolio is being acquired from , which putthe assets up for sale through 151 Property Group in March, as earlier.

According to the investor presentation about the deal, theproperties are the Home Central Bankstown, Home Central McGraths Hills, HomeCentral Shepparton, Logan MegaCentre and Macgregor MegaCentre. Apart from theregional Home Central Shepparton in Victoria, the other metropolitan retailcenters are in New South Wales and Queensland.

The portfolio has a 96% occupancy rate, a total of 74stores, a site area of 164,288 square meters and 86,813 square meters of grossleasable area. Major tenants include The Good Guys, Toys R Us and Bunnings.

The fund is also looking to raise A$104.5 million through afully underwritten 3-for-20 accelerated nonrenounceable entitlement offer ofunits at a fixed issue price of A$2.03 apiece. Macquarie Capital (Australia)Ltd. and UBS AG Australia Branch are the underwriters.

The equity raising and existing debt facilities will be usedto fund the off-market transaction.

The acquisition brings the company's total large-formatretail centers to 20, valued at roughly A$1.19 billion.

As of April 29, US$1was equivalent to A$1.31.