Haben Property Fund is conducting due diligence on the potential acquisition of the Jesmond shopping center in the Australian city of Newcastle from Stockland for roughly A$118 million, The Australian Financial Review reported, citing unnamed sources.

The retail property is marketed by Colliers International and Stonebridge. It has a A$130 million book value and anchored by Woolworths Group Ltd., Aldi and Big W, according to the Aug. 8 report.

A spokeswoman for Stockland told the publication that the Australia-listed property company does not comment on speculation. She added that the developer continues to assess its portfolio for potential sale and capital partnership opportunities.