US-based fund manager Invesco has acquired a half share in Grand Plaza shopping centre in Brisbane

A US-based fund manager has snapped up a half share worth $215 million in a leading regional shopping centre in Brisbane’s southside

The Grand Plaza shopping centre, Browns Plains.

A US fund manager has acquired a half share in a southern Brisbane regional shopping centre for $215 million.

Vicinity Retail Partnership (VRP) sold a 50 per cent joint venture interest in the Grand Plaza, Browns Plains to Invesco Real Estate.

The sale follows VRP’s most recent divestment of a half share in the Rockingham Shopping Centre, south of Perth, for $305 million to AMP Capital.

As well as the half share VRP also retains management and development rights.

JLL’s Simon Rooney is understood to have brokered both transactions, but was unavailable for comment, as were Vicinity and Invesco.

The Grand Plaza shopping centre, which is 22km south of the Brisbane CBD, has a gross leasing area of about 51,900sq m and is anchored by Kmart, as well as Target and Big W DDS.

It also has Woolworths, Coles, and Aldi supermarkets, together with four mini-majors, five pad sites, specialty tenancies and at grade and multi-level car parking for over 2500 cars.

Grand Plaza provides additional value add opportunities with the strategic capacity to accommodate future expansion of the ground level retail, entertainment and leisure precinct and additional car parking.

The sale of the half shares of both shopping centres is an ongoing and increasing trend for major retail owners.

Recent examples include the 50 per cent sale by CSC of Indooroopilly Shopping Centre to AMP and Mirvac’s sale to ISPT of a 50 per cent interest in Kawana Shoppingworld on the Gold Coast.