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TIAA Henderson Real Estate acquires 75% stake in Australian shopping centre

Mount Ommaney Shopping Centre

TIAA Henderson Real Estate (TH Real Estate) has agreed to acquire a 75% interest in Mt Ommaney Centre, a regional shopping centre in Brisbane, Australia.

The property will be acquired as part of a co-ownership arrangement with Federation Centres (FDC), who will own 25% of the centre. Federation Centres will provide ongoing property management services at the centre. The total purchase price is AUD$416.25m (c.£227.2m).

The regional centre, which is situated in Queensland, the second-largest and third most populous state in Australia, comprises a 56,570 sq m dominant single level regional shopping centre. It was originally completed in 1979 and significantly refurbished and expanded in 2010. The property is anchored by three supermarkets: Woolworths, Coles and Aldi, in addition to three discount department stores: Big W, Target and Kmart, along with four mini-anchors. It has approximately 165 specialty tenants and kiosks and is in an established trade area where the average retail spend per household is above the average for the overall Brisbane metropolitan area.

Nick Evans, Executive Director and Head of the TH Real Estate business in Australia said We are excited to have established a new partnership with Federation Centres and to have made our first foray into the Australian retail market. Mt Ommaney represents a dominant regional centre with a strong tenant base, and provides an opportunity to further unlock potential value. The investment is testament to our long term strategy within Australia, where we are committed to building a sustainable business. We are delighted to co-invest with a specialist local mall operator such as Federation Centres and look forward to a collaborative working relationship together. Our experience investing into prime malls across the globe, gives TH Real Estate the ability to identify and source the best investments on behalf of our clients. TH Real Estate owns c.$AUD18bn (c.£10bn) of retail assets throughout Europe and Asia alone, representing over 170 standing investments.”

Federation Centres CEO and Managing Director, Steven Sewell added “The purchase of Mt Ommaney Centre provides us with the opportunity to invest in a quality regional shopping centre in a strong demographic market in the western suburbs of Brisbane, as well as enter into a new co-ownership relationship with TH Real Estate. he transaction will substantially increase our management of centres in Queensland and, combined with our AUD$1.3 bn (c.£700m) redevelopment pipeline, represents continued enhancement and improvement of the Federation Centres portfolio of Australian shopping centres.”


Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services.

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