GPT Group is offering for sale the redeveloped Wollongong Central mall in the Illawarra region of New South Wales in Australia with an asking price of A$500 million, The Australian Financial Review reported.
According to the publication, the company's GPT Wholesale Shopping Centre Fund is selling the property in pursuit of a strategy, which will see it realign its focus toward owning super regional malls.
The 56,600-square-meter shopping center is home to approximately 230 tenants and has a 650-slot carpark, as of June 30, 2017. Among the brands that set up shop in the mall are David Jones, Coles, Target and H&M. It was relaunched Oct. 5, 2017, after undergoing a A$68 million refurbishment and was one of five GPT-owned shopping centers where the diversified property group rolled out its first digital strategy.
The Feb. 7 report noted that Colliers International will be overseeing the expressions of interest process for the property that is scheduled to start in March.
Separately, the AFR also reported Feb. 7 that the listed Australian developer signed a Colliers International-brokered deal to buy a four-asset industrial portfolio in the Melbourne suburb of Sunshine for A$74 million, representing a roughly 6% yield. The properties, spanning 52,000 square meters, are occupied by print and communications business IVE on a nine-year term lease.
