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National Asset Management (NAM), part of the National's Wealth Management division, has sold on behalf of its clients, interests in four retail properties for approximately $130 million to Centro Properties Group. According to John Gee, General Manager, NAM, Centro Properties approached the company several weeks ago with an offer for a number of properties with which Centro had an existing connection - either through part ownership or management of the property - with the exception of Indooroopilly Central. The properties sold to Centro are: - 50% of Cranbourne Park Shopping Centre, Victoria
- 50% of the units in the Roselands Property Syndicate
- Indooroopilly Central, Queensland; and
- A 76% interest in Maddington Shopping Centre, Western Australia
"This sale delivers our investors with an excellent result as the aggregate sale price was above recent property valuations," said Mr Gee. "It has also provided us with the opportunity to reduce our exposure to direct property and redirect those funds to gain a more diversified and liquid property exposure through listed property securities," he added. About the properties Roselands A regional shopping centre in south-eastern Sydney with major tenants including Grace Bros, Target and Coles. A 50% interest in the syndicate that owns 50% of the centre has been sold with a valuation yield of 8.00%. Cranbourne Park Shopping Centre A sub-regional shopping centre in south-eastern Melbourne anchored by Kmart, Coles and Safeway. A 50% interest in the centre has been sold with a valuation yield of 9.00%. Indooroopilly Central Situated six kilometres south west of the Brisbane GPO and comprises a fully leased modern bulky goods retail centre comprising 28 tenancies situated in a building of 19,260 m2 with on-site parking for 253 vehicles. Situated near the Indooroopilly super-regional shopping centre in a prime, affluent metropolitan Brisbane location, Indooroopilly has been sold with a valuation yield of 8.75%, reflecting the highly sought after nature of this asset. Maddington Shopping Centre A single level sub-regional shopping centre of 27,187 m2 situated 17 kilometres south east of the Perth Central Business District. It features a Kmart, Coles and Woolworth's Supermarkets, Harvey Norman, and 91 specialty shops, as well as a freestanding Plus Petrol outlet and vacant land. Centro is very familiar with this asset having managed the property for the last four years, and has acquired a 76% interest with a 10.5% valuation yield.
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