TIAA Henderson Real Estate has agreed to buy a 75% interest in the Mt Ommaney centre in Brisbane, Australia, for A$416.5m (227.2m).
The property will be bought as part of a co-ownership arrangement with Federation Centres, which will own 25% of the shopping centre.
Federation Centres will provide property management services at the 608,914 sq ft centre.
Originally completed in 1979, the property is home to three supermarkets: Woolworths, Coles and Aldi, and has 165 tenants.
Nick Evans, executive director and head of the TH Real Estate business in Australia, said: “We are excited to have established a new partnership with Federation Centres and to have made our first foray into the Australian retail market. The investment is testament to our long-term strategy within Australia, where we are committed to building a sustainable business.”
joanna.bourke@estatesgazette.com
