Transactions - MAY 22, 2014

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Plenary sells 25 percent interest in $325m Australian mall

by Andrea Waitrovich

Plenary Group has sold a 25 percent partial interest in DFO Southwharf, a 695,819-square-foot mall in South Wharf, Australia, to Colonial First State Retail Property Trust. The transaction valued the property at $325.2 million, or $537 per square foot.

CFS Retail Property Trust, which now holds a 50 percent interest in the property, acquired its first 25 percent interest in 2010 with Plenary as joint venture partners in a $292.9 million deal. The seller, Austexx Developments, owns the remaining 25 percent.

Major tenants in the property include Armani, Burberry, Fossil, Guess and Mossimo.

The joint venture ownership of South Wharf is part of CFS Retail Property Trust’s broader acquisition plan of four DFO centers from Austexx. 

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