Sydney-based property group Revelop has bought South Australia’s Renmark Square.
Revelop paid Charter Hall Retail REIT approximately $25 million for the property. JLL’s Jacob Swan marketed the property.
Renmark Square is a sub-regional shopping centre located in SA’s rural Riverland, around 250km north-east of Adelaide.
It was built in 2007 and has 24 tenants on just under 12,000 square metres.
The shopping centre’s major tenants include Woolworths, Big W, The Reject Shop and BWS.
This is Revelop’s second purchase from Charter Hall Retail REIT.
In March, Revelop purchased a Woolworths in Sydney from Charter Hall Retail REIT for $13 million.
Charter Hall Retail REIT will also sell shopping centres in Queensland and New South Wales, including a Woolworths in Victoria.
“We continue to transition the portfolio from non-core assets into larger centres where we can add value through active management,” Charter Hall’s retail chief executive Greg Chubb, told The Australian Financial Review.
“Our recent transactions and prudent capital management initiatives demonstrate our ability to execute on this strategy to deliver unit holders a secure and growing income stream.”
Revelop declined to comment on the purchase.
Source: The Australian Financial Review