Centuria, GIC to acquire West Village retail precinct in Brisbane

GIC, Singapore’s sovereign wealth fund, has agreed to buy the West Village retail precinct in Brisbane, Australia, with co-investor Centuria Capital Group in an off-market deal for A$202 million ($142 million), according to the Australian Financial Review, which identified the investor. According to a release from Centuria, the firm “will co-invest in the trophy acquisitions alongside an existing international sovereign wealth fund’s institutional mandate.”

Located within Sekisui House’s A$1.1 billion ($779 billion) master-planned, mixed-use development in Brisbane’s West Village, the asset is part of a long-term rejuvenation project within the fringe-city Brisbane suburb, West End, just one kilometer (0.62 miles) from the heart of the central business district.

The three-phased transaction includes existing landmark properties as well as assets to be constructed. Settlement of the various phases is expected between early 2022 and early 2023.