Dexus Wholesale Property Fund divests sub-regional shopping centres

22 December 2022

Dexus Wholesale Property Fund (“DWPF” or “the Fund”) announced it has reached conditional agreement for the sale of Deepwater Plaza in Woy Woy for $112 million.

On settlement, this transaction completes the sale of three sub-regional shopping centres for the Fund. The sales include:

  • Deepwater Plaza has been conditionally exchanged for $112.0 million, with settlement expected to occur in Q1 2023
  • Beenleigh Marketplace has been exchanged for $85.0 million, with settlement expected to occur in April 2023
  • Shepparton Marketplace has sold for $88.1 million

DWPF Fund Manager, Michael Sheffield said: “The divestments of these assets continues the implementation of the Fund’s strategy to hold larger regional retail assets.”

Deepwater Plaza, New South Wales is the only sub-regional centre of its size on the Central Coast of NSW. With more than 15,000 square metres of retail space, the centre is home to Coles, Kmart, Best & Less, Service NSW and more than 45 specialty stores.

Beenleigh Marketplace, Queensland is a well-established sub-regional Shopping Centre, strategically positioned within the Beenleigh town centre next to key transport links with more than 20,000 square metres of retail space. The Centre is anchored by Big W and Woolworths as well as more than 50 speciality stores.

Shepparton Marketplace, Victoria is a single level sub-regional shopping centre located in the heart of the Goulburn Valley, approximately 200km north of Melbourne. Anchored by Woolworths and Big W and supported by 33 specialty and service stores, Shepparton Marketplace is the largest, fully enclosed shopping precinct within Shepparton with more than 14,500 square metres of retail space.