Aveo Group Ltd. is selling its Gasworks Plaza complex in the Newstead suburb of Brisbane, Australia, to AMP Capital for A$248.4 million after a competitive sale process.
The asset comprises the Gasworks 1, 2 and 3 developments, of which the third is under construction.
Gasworks 1 and 2 are mixed-use developments spanning a roughly 8,740-square-meter shopping center, 8,994 square meters of office space across two buildings and a car park with 426 spaces. The shopping center is anchored by a Woolworths supermarket with 31 specialty tenancies.
Gasworks 3 will add another 1,100 square meters of retail space and 81 parking spaces.
The sale contract for Gasworks 1 and 2 is expected to be settled in February 2018. The contract for Gasworks 3 is expected to settle in September 2018 upon its completion.
After the asset's carrying amount of A$180 million on the company's balance sheet as of June 30, transaction and other costs and income tax, the sale is expected to generate a surplus of A$61 million, translating to an increase in net tangible assets per security of 11 Australian cents.