Frasers Property Australia has sold Ed.Square Town Centre to a joint venture between PGIM Real Estate and Assembly Funds Management for $248 million.
The sale follows Frasers’ $400 million divestment of Eastern Creek Quarter to Vicinity Centres in May, and the earlier sale of Burwood Brickworks Shopping Centre to an HMC-managed fund for $107 million, as it redirects capital into residential and commercial developments.
Completed in 2021, Ed.Square Town Centre spans more than 24,500sqm and is anchored by Coles, TK Maxx and Event Cinemas. The neighbourhood centre also includes nine mini-major tenants, 78 specialty stores and almost 1000 parking spaces.
Located adjacent to the Edmondson Park transport interchange, about 44km south-west of Sydney’s CBD, the centre forms part of the broader Ed.Square mixed-use precinct developed by Frasers Property.
Simon Rooney of CBRE, who managed the expressions of interest campaign, said the sale attracted strong demand from investors.
“The sales process was highly competitive and generated significant inquiry and competitive bidding from both private and institutional investors, highlighting the depth of capital targeting high-quality metropolitan retail assets,” said Rooney.
Steve Bulloch, head of Australia – real estate at PGIM, said the centre’s mix of convenience and entertainment retail, combined with its transport connectivity, positioned it for long-term growth.
“It offers strong underlying fundamentals,” he added.
“Its blend of daily-needs and entertainment retail, combined with direct integration with key transport infrastructure, positions the centre to significantly benefit from an increasing catchment over time.”
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