Nikos Property Group has bought Perron Group’s 50-per-cent interest in the Colonnades Shopping Centre in Adelaide for $138.2 million.
The other half of the regional shopping centre is owned by Vicinity Centres which currently manages 86,554 sqm of the hub.
The 14.3-hectare complex is located 26 km south of Adelaide CBD. It is home to Woolworths, Coles, Aldi, Big W, Kmart and Dan Murphy’s along with speciality retailers.
Nick Willis and Sam Hatcher from the JLL’s Retail Investments Team managed the sale on behalf of Perron Group.
“The sale is a reflection of the continued theme of major capital partnering evident in the retail space as a result of the strength of the economic recovery, the stabilisation of retail valuations and an increasingly compelling investment outlook for the sector,” said Willis.
Theo Andrianakos, CEO at Nikos, said: “The opportunity to acquire a substantial shopping centre such as Colonnades that is professionally managed by Vicinity is a good opportunity for us and helps diversify our investment holdings.”