SOLD – Westpoint Shopping Centre, NSW

Westpoint Shopping Centre sold to Haben and Hines, in the largest individual retail asset transaction in Australian history.

Haben Managing Director & Co-Founder, Ben Finger said:

“Westpoint Shopping Centre is a significant asset offering core retail and mixed-use zoning in one of Sydney’s fastest-growing metro areas.

“This acquisition presents a strategic opportunity to partner with Hines on their first Australian retail acquisition, establishing one of the largest retail partnerships in Australia.”

“Haben are pleased to take over the management and have a strong belief in the resilience and potential of the Australian retail market. We greatly look forward to continuing to grow Westpoint Shopping Centre alongside its expanding demographic.”

QIC Town Centre Fund Manager, Michael Fattouh said:

“This deal reflects performance driven by 34 years of active management. 

“As one of the first QIC Real Estate assets, jointly owned by the QIC Property Fund and QIC Town Centre Fund, it has been a rewarding journey transforming Westpoint into the retail and lifestyle heart of Blacktown,” Mr Fattouh said.

“From introducing an integrated bus station to revitalising the Fresh Food market and delivering a new Dining and Entertainment Precinct, we are immensely proud of Westpoint’s evolution, and it is only fitting that its sale is the retail deal of the year.

“This sale, while still subject to FIRB approval, further showcases QIC’s ability to not only drive performance through active management, but to also deliver successful transactions on behalf of investors when the time is right.”

Colliers Managing Director, Asia Pacific Retail Capital Markets, Lachlan MacGillivray said:

“The sale of Westpoint Shopping Centre represents the most significant 100% single transaction of an established retail asset in Australian history. This is the largest single transaction of an Australian retail centre, eclipsing the sale of Indooroopilly Shopping Centre in 2017. The asset possesses all the key attributes investors are seeking: a large Sydney metro landholding, proximity to major roads, and co-location with a train station and bus interchange.

This transaction marks the first 100% interest in a regional shopping centre to be transacted in Sydney’s metro area since Top Ryde in 2012.”