Singaporean group SPH REIT, in a joint venture with Moelis, have agreed to acquire Figtree Grove Shopping Centre in Wollongong from Blackstone for $206 million. The sale to SPH REIT reflects a cap rate of circa 6%. The 21,984sq m centre is anchored by a Coles, Kmart, and Woolworths together with two mini-majors and 72 specialty stores. The Centre is ranked 16th out of 100 in the SCN Little Guns survey and is pitched as the highest-turnover subregional centre in Wollongong witha total centre MAT of $196.4M with specialty stores trading well above industry averages. Blackstone acquired the Centre as part of the $783M Westfield portfolio in late 2015 and is one of the 11 centres Blackstone took to market as a portfolio sale in 2017 but then withdrew as sentiment turned against the portfolio sale. Blackstone also recently traded Waverley Gardens Shopping Centre to Elanor Investments for $178M, however Blackstone other major retail assets including Top Ryde Shopping Centre, Greensborough Plaza, Warrawong, Strathpine, Clifford Gardens, Forest Hill Chase and Brimbank Shopping Centre are still held by the group. Location Map: #Blackstone #Retail
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