ISPT expected to acquire 50% stake of $732m Myer Centre
The
Commonwealth Bank
-managed CFS Retail Trust is understood to be in the final stages of selling off a 50% stake in Brisbane's Myer Centre to
Industry Superannuation Property Trust (ISPT)
.
As reported in the Primespace section of today's
The Australian
, an announcement on Tuesday by CFS Retail portfolio manager Michael Gorman indicated a sale was imminent.
[pullquote position="right"]"It is logical to own 50 per cent stakes in regional malls and CBD shopping centres"[/pullquote] he said.
"We keep the half stake for the leasing leverage and to be able to offer retailers a range of locations and cities."
The six-level CBD retail outlet, which is anchored by Myer, Target, Birch Carroll and Coyle Cinemas and over 180 specialties, was last valued at $732m and is held on a 6.5 per cent capitalisation rate.
The centre is comprised of over 61,000 square metres of Gross Lettable Area (GLA) with annual sales turnover of $387m.
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