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Abacus Property to divest regional shopping center in Australia for A$70M

Abacus Property Group is selling a 16,000-square-meter shopping center in the Bacchus Marsh area in Victoria, Australia, with hopes of receiving A$70 million from the sale, The Australian Financial Review reported.

The Village Bacchus Marsh mall, which occupies a 4.4-hectare site, includes parking spaces for 714 cars and is 88%-leased to 60 tenants including Coles, Aldi, Target Country, Kaisercraft, The Reject Shop and Anytime Fitness, the publication noted.

According to the March 7 report, a A$70 million transaction for the retail center that was bought in July 2013 for A$31.6 million would reflect a 6.1% passing yield.

CBRE is in charge of brokering the sale of the property.