A fund managed by listed property group Primewest (ASX: PWG) has acquired a major retail centre in the Gold Coast suburb of Robina for $66 million from the Queensland Investment Corporation (QIC).
The acquisition of the Robina Home + Life complex will seed the new Primewest Large Format Retail Trust No.2 fund and will add to PWG's $4.9 billion portfolio of assets under management.
Situated in Robina, the shopping complex was originally developed by QIC in late-2017 and features 13 large format retail (LFR) tenancies and a café.
Sitting on 36,170sqm of land, the centre is anchored by Nick Scali and The Good Guys, alongside traders including The Reject Shop, Super Cheap Auto and Petstock.
Primewest chairman John Bond said the company remained confident in the LFR sector and saw a clear opportunity for growth at Robina Home + Life.
"The centre will anchor our second LFR Trust with its excellent profile and trading history as well as blue chip tenants in place to provide significant capital growth as well as strong returns," Bond said.
"Primewest will draw on its deep tenant relationships and experience across its $1 billion large format retail portfolio to enhance Home + Life Robina's existing offering and expand the existing tenant mix."
Shares in PWG are down 0.37 per cent to $1.36 per share at 11.17am AEDT.Never miss a news update, subscribe here. Follow us on LinkedIn, Instagram and Twitter.
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