Hong Kong investor, with TelstraSuper, buys stake in Sydney mall for $78m

TelstraSuper, an Australian superannuation fund, and Hong Kong investor The JY Group have acquired a 50 percent stake in Carlingford Court, a suburban Sydney mall, for A$120.5 million ($78.2 million).

The four-story mall in the Carlingford suburb is 22 kilometers (13.7 miles) northwest of Sydney’s CBD.

The center is anchored by a strong performing double supermarket offer, totaling 99 tenants, with Woolworths and Coles accounting for more than $96 million in combined annual turnover, together with a strong nondiscretionary and convenience retail amenity.

Carlingford Court provides the potential for a mixed-use residential development in the longer term to strategically capitalize on the center’s prime northwestern Sydney location and close proximity to Carlingford railway station, according to Simon Rooney, head of retail capital markets for the Pacific region at CBRE, which brokered the sale,