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Rockworth Capital snaps up Australian shopping center for A$160M

Rockworth Capital Partners Pte. Ltd. purchased Town Square Redbank Plains in Queensland, Australia, for A$160 million, The Australian Financial Review reported.

Alceon and Brisbane-based developer Capital Transactions sold the shopping center to the Singaporean property investment management firm on a 6.25% core capitalization. The newly built property has a gross leasable area of 26,945 square meters, with supermarket tenants that include Woolworths, Coles and Aldi, the May 31 report noted.

Simon Rooney, JLL's head of retail investments in Australasia, was quoted by the publication as saying that overseas investors buying subregional assets in the country is a "trend [that] has been building and gaining momentum in 2017."

As of May 31, US$1 was equivalent to A$1.34.