Challenger Group has sold Channel Court, one of Tasmania’s largest shopping centres, to Adelaide-based Nick DiMauro for $82.5 million in what is the state’s biggest mall deal on record.

The deal forms part of Challenger’s efforts to sell down its retail assets to recycle capital into new projects. Last month, it sold its stake in a shopping centre in remote Western Australia for about $48 million to Melbourne syndicator Fawkner Property.