Greek Australian businessman Kostas “Con” Makris has sold two shopping centres in Adelaide, for a combined value of $110 million.
Sydney property group Revelop acquired the City Cross Shopping Centre for $60 million. That transaction was struck on a passing yield of around 6.25%.
In addition, investment firm Greenpool Capital, with backing from Qualitas, acquired North Adelaide Village, along with an adjoining site at 85-87 O’Connell Street, for $50 million. That transaction was struck on a passing yield of around 6.75%.
It is recalled in July last year, Makris put the two malls on the market.
CBRE’s Simon Rooney and James Douglas were hired to sell the assets on behalf of Makris.
“The long-term fundamentals for CBD retail remain strong, underpinned by key demand drivers such as significant residential development/ construction, robust population growth, strong white-collar employment and both domestic and international tourism – which is expected to rebound post COVID-19,” Mr Rooney said.
“The sale provided an opportunity to acquire a major CBD retail holding offering multiple mixed-use development opportunities. This future flexibility was a major drawcard for Revelop, as was the centre’s strategic Rundle Mall location.”