LaSalle sells two Sydney assets for A$446m
LaSalle Investment Management has sold two format retail centers in Sydney to Aventus Retail Property Trust for A$446 million ($333 million), according to multiple local media outlets. An official announcement has not been released.
The sale was made on behalf of the LaSalle Australia Club Investment Trust. The sale is part of the firm’s goal to capitalize on the high prices in retail assets.
Home Hub Castle Hill had a price tag of A$336 million (251 million) and Home Hub Marsden Park had a price tag of A$100 million ($75 million).
The 560,000-square-foot Home Hub Castle Hill has more than 70 retail outlets anchored by Harvey Norman, Domayne, Freedom, Nick Scali, Officeworks, Toys R Us, Commonwealth Bank, Just Cut hairdresser, Good Price Pharmacy and Service NSW.
In February 2012, LaSalle Investment Management bought the asset for A$178.5 million ($133.2 million).
In 2015, LaSalle Australia Club Investments Trust purchased the site that became the 215,000-square-foot Home Hub Marsden Park in a A$66 million ($49 million) deal. Tenants include The Good Guys and JB Hi-Fi.
The Australian reported the deal was consistent with the Aventus strategy of consolidating in large-format retail. The company has bought a Blackstone portfolio and has made smaller individual center purchases.