The $450 million sale of St Ives Shopping Village brokered by Colliers marks Iris Capital’s first deal in the shopping centre industry.
“We are pleased to complete the acquisition of St Ives Shopping Village, a generational asset of exceptional quality,” said Sam Arnaout of Iris Capital.
“With settlement now complete, our focus is on building on the legacy of the centre while continuing to evolve the precinct in line with the needs of its community.”
Arnaout said that Iris Capital long viewed St Ives as “the ideal entry point into the Australian retail ownership landscape”, citing opportunities for further expansion,
“We have identified a clear pathway to deploy additional capital into the asset to enhance income, optimise tenancy mix and unlock long-term growth, while preserving the qualities that have made it one of the best-performing centres in the country,” he added.
With more than 100 long-standing tenants, St Ives is known as a nation-leading site in annual turnover, ranking number one nationally for total moving annual turnover in the Shopping Centre News ‘Mini Guns’ report.
“Settlement of St Ives Shopping Village marks the conclusion of a remarkable period of long-term family ownership and the beginning of its next chapter,” said Lachlan MacGillivray, Colliers’ MD for retail capital markets, Apac.
“Assets of this quality are rarely traded, and even more rarely transitioned with such continuity. We continue to see extremely strong through-cycle demand for high-quality retail assets.”
Iris Capital said it will continue to target dominant neighbourhoods and sub-regional centres across Australia.
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