Perth-based Primewest has unveiled plans to create a new A$300 million ($205 million) Australian “daily needs” property trust under a new institutional mandate, with Spring Farm Shopping Centre south of Sydney under contract as its first acquisition, reported media outlets.
Primewest executive chairman John Bond says the new trust will acquire up to A$300 million ($205 million) of retail assets across several states, with a pipeline of potential opportunities.
It has contracted to buy its first asset, the Spring Farm Centre in Sydney’s southern suburbs, from supermarket chain Woolworths.
The listed Primewest has more than A$4.2 billion ($2.88 billion) of assets under management across all mainland states of Australia and the West Coast of the United States.
