Brisbane’s Homemaker The Valley sold from Altis portfolio
Interests associated with the Karedis family and Brett Blundy have swooped on major properties in the $500 million Altis Property Partners portfolio, making purchases that boost their dominant positions in the large format retail industry.
In the largest deal, Homemaker The Valley in Brisbane was acquired by the Karedis family’s Arkadia Capital for $170 million, reflecting a fully leased yield of 7.31%.
Homemaker Greenway and Greenway Plaza near Parramatta were bought by a private mandate run by Mr Blundy’s Aventus Property Group for $112.4m, showing a fully leased yield of 7.64%.
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The deals, brokered by Simon Rooney of JLL, are a key marker for the industry as AMP Capital offers Sydney’s Crossroads Homemaker Centre for $140 million and GPT looks to sell Melbourne’s Highpoint Homemaker Centre for $80 million.
The sales will see Altis, and its backer First State, reap $282.4 million and deals are in the wings on their Homemaker Lake Haven on the central coast and Homemaker Prospect in NSW.
Theo Karedis sold his bottle-shop chain, Theo’s Liquor, to Coles Myer in 2002 and has since built a diversified property empire, including a large format holdings second only to Gerry Harvey’s listed Harvey Norman.
Blundy listed his holdings on the Australian Securities Exchange and is looking to internalise the management of his operation, but the centre will be held separately.
JLL’s Australasian head of retail investments, Simon Rooney, says last year was a record for large format retail transaction volumes, reaching $1.5 billion.
“This Altis portfolio attracted a interest from institutional investors, syndicators and high-net-worth individuals as a result of the assets being dominant within their respective catchments,’’ Rooney says.
This article originally appeared on www.theaustralian.com.au/property.
