Retail real estate giant Vicinity Centres and its co-investor Challenger have sold a shopping centre in remote Western Australia for $95.9 million to a Melbourne syndicator in the latest example of how smaller malls are being traded down into unlisted funds.
In the Pilbara region in the north of the state, the Karratha City shopping centre is regarded as a sub-regional mall and the shopping focus for mining industry workers and their families.
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Campbell Kwan covers commercial and residential real estate for The Australian Financial Review, based in the Sydney newsroom. He was previously the breaking news reporter. Email Campbell at campbell.kwan@afr.com
Nick Lenaghan edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts. Connect with Nick on Twitter. Email Nick at nlenaghan@afr.com
