RetailLindsay SaundersThu 02 Jul 26
PGIM, AFM Expand Retail Venture with $248m South-West Sydney Deal
PGIM Real Estate and Assembly Funds Management have acquired Ed.Square Town Centre in Sydney’s south-west for $248 million as they expand their partnership targeting Australian retail assets.
The neighbourhood shopping centre at Edmondson Park, about 44km south-west of Sydney’s CBD, comprises more than 24,500sq m of retail space anchored by Coles, TK Maxx and Event Cinemas, alongside nine mini-majors and 78 specialty stores.
Developed by Frasers Property Australia and completed in 2021, the centre sits within the Ed.Square mixed-use masterplanned community and is directly connected to the Edmondson Park transport interchange.
The acquisition is the second retail investment by PGIM Real Estate and Assembly Funds Management after their purchase of Woodgrove Shopping Centre in Melbourne’s west in September 2025.
The partners said the platform was targeting retail assets with resilient income profiles and growth potential through active asset management.
PGIM head of Australia real estate Steve Bulloch said Ed.Square Town Centre combined convenience and entertainment retail with transport connectivity in a rapidly growing catchment.
“Ed.Square Town Centre offers strong underlying fundamentals,” Bulloch said.
“Its blend of daily-needs and entertainment retail, combined with direct integration with key transport infrastructure, positions the centre to significantly benefit from an increasing catchment over time.”
Assembly Funds Management chief investment officer Tim Meurer said the acquisition price compared favourably with replacement cost.
“With an attractive basis relative to replacement cost, we believe the asset offers compelling long-term potential for our investors, which will be enhanced by our active asset management approach,” Meurer said.
Frasers Property Australia executive general manager of investment and capital transactions Mark Gleeson said the sale aligned with the developer’s capital recycling strategy.
“Frasers Property Australia is proud to have created Ed.Square Town Centre, fulfilling the vision to deliver a new social and retail heart for the community and region,” Gleeson said.
“This sale is consistent with our capital recycling strategy to divest well-established assets at the opportune time.”
The transaction was brokered by CBRE's Simon Rooney.
