Haben Takes 50pc Stake in Regional Shopping Centre

Sydney-based property fund manager Haben has splashed $115 million to acquire Dexus’s 50 per cent stake in a Townsville shopping centre in north Queensland. 

Dexus offloaded its recently acquired non-management stake in Stockland Townsville, which it acquired as part of its AMP Capital Shopping Centre Fund deal. 

It’s reportedly the first regional shopping centre deal in almost 12 months, according to JLL agents Nick Willis and Sam Hatcher who sold the stake in the property. 

The 45,021sq m shopping centre underwent a $180-million redevelopment and expansion in 2012, and sits on a 9.4ha site with two additional development sites.

Haben adds the asset to its portfolio of 12 assets on the eastern seaboard and about $2 billion under management. 

Haben managing director Ben Finger told The Urban Developer that the property fund focused solely on retail with food and service-based shopping centres and development upside. 

He said it was the group’s first partial acquisition of an asset. 

“Haben is pleased to add Stockland Townsville to our growing portfolio,” Finger said.  

“The opportunity is on strategy with our business to provide stable and higher returns for our investors in this higher interest rate environment. 

“Our portfolio is very focused on robust retail assets with strong underlying land that provide mixed-use development opportunities.

“We continue to see our centres trade with exceptionally strong sales growth, low vacancy and positive rental spreads.”

▲ Haben managing director Ben Finger speaking at a property event this year. 

Earlier this year Finger told The Urban Developer that Haben was working on a 700-apartment development on the site of one of its assets. 

JLL’s Nick Willis said Stockland Townsville had 99.5 per cent occupancy and more than $278 million in total centre sales.

“The transaction reaffirms liquidity for the regional sub-sector, in addition, the continuing trend of new capital emerging for interest in institutional-grade retail assets,” Willis said.

“In the last three years we have seen 16 partial interests trades, totalling more than $3.75 billion of capital, of which 60 per cent was maiden. 

“This has included a mix of super funds, syndicators and private investors, such as Nikos Property, which acquired 50 per cent of Colonnades Shopping Centre in South Australia; this was their first foray into shopping centres.

“Globally we are seeing capital re-emerge for retail assets, due to the growing evidence of assets’ forecast performance, relative value and underlying land and multifaceted nature, compared to other sectors.”