Elanor to Acquire Riverton Forum for $98.8M

22 December 2022

Elanor Investors will be out raising capital for the acquisition of the Riverton Forum shopping centre, in Perth for $98.8 million.

The centre occupies a 6 hectare site on a major arterial road in Riverton, 11km south east of the Perth CBD. The centre has a GLA of 19,792sqm and comprises Woolworths, Big W, The Reject Shop, 60 specialty stores, an alfresco dining area, three pad sites and a Tavern.

The Centre’s low site coverage (31%) presents long-term expansion and value- add potential. The Centre is easily accessible, situated on the prime arterial corner of High Road and Willeri Drive, with exposure to 7.9 million vehicles annually.

The property was 50% owned and controlled by Stockland who held the property on an equivalent book value of $96.6m based on a 6.5% cap rate.

ENN’s Co-Head of Real Estate, Michael Baliva, said: “The Riverton Forum Fund has been established to invest in Riverton Forum, a strategic prime Perth metropolitan site with easy accessibility and exposure to 7.9 million vehicles annually. The Centre’s extensive everyday needs offering and significant car parking make it the dominant convenience shopping destination in its trade area. The investment has significant potential to enhance the defensive, everyday needs offerings of Riverton Forum and divest the property’s non-core pad sites at materially lower yields.”

ENN CEO, Glenn Willis, said: “The Riverton Forum investment presents high value given the attractive acquisition metrics for the Centre and the opportunity to unlock value through Elanor’s innovative and highly active asset management capabilities. Elanor is a market leader in delivering strong investor returns from repositioning retail real estate assets having successfully executed numerous repositioning strategies across Australia.”