Mirvac sells Sydney mall for $106m

Revelop has plans to purchase a 100 percent in Stanhope Village, a shopping center located in a suburb of Greater Western Sydney, in the state of New South Wales, Australia, for A$158 million ($108 million).

The seller was Mirvac. The sale is part of the seller’s A$1.3 billion ($886 million) sales program.

“We made good progress on our asset sales program, which, as well as enhancing the quality of our market-leading portfolio, allows us to invest in the creation of our next generation of assets,” said Susan Lloyd-Hurwitz, CEO of Mirvac.

Stanhope Village shopping center comprises 18,063 square meters (194,429 square feet) of gross lettable area. It is about 25 kilometers (15.5 miles) from the Sydney CBD.

“Stanhope Village is a true retail unicorn,” said Charbel Hazzouri, Revelop co-founder. “The tenancy mix, convenience and location ensure this asset will continue to serve the community and provide for its occupants for years to come. Predomin