Stockland has finalized a strategic partnership with an investment vehicle managed by Morgan Stanley Real Estate Investing (MSREI), to invest in and grow a portfolio of high-quality convenience retail shopping centers across Australia.
The partnership, known as the Stockland Convenience Retail Partnership (SCRP), will initially comprise three newly developed community retail town centers located within Stockland master planned communities, with a combined value of approximately A$250 million ($177 million).
The seed portfolio comprises Stockland Gables Town Centre in New South Wales, Stockland Providence Town Centre in Queensland and Stockland Sienna Wood Town Centre in Western Australia. Under the partnership, an investment vehicle managed by MSREI will hold a majority interest in the portfolio, with Stockland to retain a significant stake and continue to manage the properties.
