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Aventus Retail sells Tweed Hub retail center for A$40M

Aventus Retail Property Fund sold the Tweed Hub homemaker center in New South Wales, Australia, to Melbourne fund manager MPG for roughly A$40.1 million, the Australian Financial Review reported, citing MPG executive Brett Gorman.

An unconditional deal, signed for the retail asset's divestment was announced in December 2017, with the sale of the Shepparton Home retail center in Victoria, Australia, for a combined A$60.1 million, reflecting a 6.5% premium over the assets' book value as at June 30. The shopping center-focused real estate investment trust stood to pocket a weighted yield of 7.42% from the two sales.

As per the March 5 article, Tweed Hub, at 112-140 Minjungbal Drive in Tweed Heads, is home to anchor tenants The Good Guys and 1st Choice Liquor Superstore, alongside 15 convenience and service-based tenants.

The property will combine into the buyer's MPG Tweed Hub Trust, according to the paper. MPG, a product of the McMullin Group, manages 10 unlisted funds, which own shopping centers, supermarkets and Bunnings warehouses.