Alceon snaps up Mirvac shopping centers in Australia for $100M

December 20
4:00 AM 2013

Funds management firm Alceon has purchased two shopping centers from Mirvac Group for a total of $100 million, according to The Australian.

In partnership with CP Retail, Alceon bought Mirvac's Orange City Centre in NSW for $49.5 million. Gippsland Centre in Victoria was bought for $50.5 million, the report detailed.

Alceon has been actively buying shopping centers of late. In September, Brisbane-based developer Capital Transactions teamed up with Alceon to acquire the Redbank Plains Shopping Village and an adjoining property from Queensland coal businessman Paul Darrouzet. The said properties were bought in a deal valued at over $20 million, the report said.

Gippsland Centre has a gross leasable area that spans 22,776 square meters. The property includes Safeway, Coles, Target, and over 35 specialty stores. Orange City Centre was anchored by Myer and Big W stores plus over 30 specialty retailers, the report stated.

According to Mirvac, the asset sales were part of its non-core asset disposal program. The group has completed $232.6 million in sales in the financial year to date, The Australian reported.

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