IP Generation Buys Lederer Malls in $300m deal

8 June 2021

IP Generation has acquired a $300 million portfolio neighbourhood shopping centres from the Lederer empire.

The portfolio sale was reported to have reflected a yield of 6% and includes assets in Cessnock and Corrimal, the Imperial Centre in Gosford, Goulburn Marketplace, Richmond Mall, and Lederer Miranda in Sydney.

IP Generation, an investor and boutique fund manager of commercial real estate also announced that Greg Miles, ex Westfield, has taken a co-ownership stake in IP Generation, as the growing investment management platform accelerates its exposure to what it considers mispriced retail assets. IP Generation now has assets under management of about $700 million, three years after being founded by former Impact Investment Group head Chris Lock.

The Lederer Centres are predominantly leased to supermarkets Coles, Woolworths and Aldi, and continues the dominance of the daily convenience based assets that have held up better than most of their retail counterparts during the pandemic.

The Lederer Group, Paul Lederer established the Primo Smallgoods business before beginning a sell down 10 years ago, and has since moved into the dairy business through Real Dairy. He is also the chairman and co-owner of the A-League’s Western Sydney Wanderers.

Paul Lederer has also been a co-investor with Centuria in the acquisition of a number of assets including 8 Grenfell Street Adelaide, 465 Victoria Ave Chatswood, 201 Pacific Highway St Leonards and 11 Moore Street Canberra, investing over $260m into suburban office markets over the past 4 years.