Assembly Funds Management (AFM) and PGIM have finalised an agreement to sell the Coburns Central neighbourhood shopping centre to HMC Capital for $49 million.
The transaction for the Woolworths-anchored retail property closed following a competitive sales campaign, achieving an initial yield of 5.5 per cent.
Located within the Woodgrove precinct in Melton West, Victoria, the property spans roughly 6845sqm of gross lettable space.
The asset includes 349 parking bays, specialty retail shops, and two adjacent pad sites.
Coburns Central was initially acquired in September 2025 as a separately titled, ancillary component when AFM and PGIM jointly purchased the broader Woodgrove Shopping Centre. HMC Capital has acquired the neighbourhood centre on behalf of one of its unlisted real estate funds.
Tim Meurer, CIO at AFM, said strong market liquidity persists for well-held neighbourhood retail assets and explained that the sale delivers a positive financial outcome for investors across its funds and institutional partners.
“The result reinforces our conviction in acquiring strategically located retail centres that can benefit from our brand of intensive asset management,” said Meurer.
Steve Bulloch, head of Australia real estate at PGIM, commented that the transaction demonstrates steady market demand for quality neighbourhood retail assets in Australia.
“It also reinforces our strategy to acquire high-quality assets with strong in-place income but also with significant potential to create additional value through active management,” said Bulloch.
The divestment follows a period of partnership expansion between AFM and PGIM, which also included the joint acquisition of Ed Square Town Centre in south-west Sydney in July.
The commercial property sale was handled jointly by brokerage teams from Stonebridge and JLL.
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