Altis Assets Fetch $280 Million
Altis Property Partners has offloaded $282.4 million worth of major retail assets across Queensland and New South Wales.
The portfolio sell-down includes Homemaker The Valley in Brisbane’s Fortitude Valley, acquired for $170 million by the Karedis family’s Arkadia Capital, on a fully leased yield of 7.31 per cent.
While in Sydney, Homemaker Greenway and Greenway Plaza was picked up by a private mandate managed by Aventus Property Group for $112.4 million, reflecting a fully leased yield of 7.64 per cent.
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Altis secured The Valley retail site from GPT Group for $103 million in 2013.
JLL’s Australasian head of retail investments Simon Rooney said the Altis Property Partners portfolio attracted a strong level of interest from institutional investors, syndicators and high net worth individuals.
“2017 was a record year for LFR transaction volumes, reaching $1.5 billion, largely driven by the sale of Home Hub Castle Hill and Home Hub Marsden Park which were sold by JLL for $436 million,” he said.
LFR transaction activity was relatively low in the first half of 2018 at just $211 million, Rooney said.
“Partly reflecting the high volume recorded in 2017.
"Nevertheless, given the sale of Homemaker The Valley, Homemaker Greenway and Greenway Plaza and a number of other assets currently on the market such as Casey Lifestyle Centre in Melbourne, we expect 2018 volumes to be relatively strong.”
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