A fund backed by Westfield founders the Lowy family has seized its opportunity in the struggling retail property sector, paying $39 million for a Harvey Norman-anchored homemaker centre in inner Melbourne.
Sydney-based Assembly Funds Management acquired the 22,000 square metre City West Plaza at 484 Ballarat Road in Sunshine North from Sentinel Property Group for its $350 million diversified property fund (ADPF1).
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Larry Schlesinger writes on real estate, specialising in commercial and residential property. Larry is based in our Melbourne newsroom. Connect with Larry on Twitter. Email Larry at larry.schlesinger@afr.com
