Super fund-backed property fund manager Industry Superannuation Property Trust (ISPT) has sold a shopping centre in the Blue Mountains to Sydney-based asset manager Precept Property Partners for $34.8 million.

ISPT, which recently became a subsidiary of global institutional investor and asset manager IFM Investors, purchased Katoomba Village in Katoomba from Coles Group. It initially acquired a 75 per cent stake in the shopping centre in 2013 for around $24 million, before purchasing the remaining 25 per cent in late 2016 for about $8.65 million.