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Cerno sells Sydney shopping center for A$120M

Australian diversified property company Cerno sold the 15,000-square-meter Hurstville Central Shopping Centre in Sydney to an undisclosed U.S. private equity group for A$119.5 million, The Australian Financial Review reported.

The purchase marks the U.S. group's maiden investment in Australia, according to the publication, which noted that the Coles-anchored leasehold property backed by investment house AsheMorgan hit the market in March along with the adjoining Gateway asset for roughly A$130 million.

Citing corporate records, the report added that property developer Gabriel Lorentz and his wife Diana are major shareholders in property owner, Hurstville Central Pty. Ltd., alongside Cerno and AsheMorgan.