CS Square sold for $136.5 million
The Lendlease managed Australian Prime Property Fund Retail (APPF Retail) has reached agreement on the sale of CS Square in Victoria to privately-owned DeGroup for circa $136.5 million.
APPF Retail attracted a high level of interest from prospective buyers for CS Square, which was sought after due to its town centre location in Caroline Springs, value-add potential and mix of quality tenants.
The sale included CS Commercial (1,603 sqm), a complementary mixed-use precinct opposite CS Square, and 1.28-hectares of strategically held vacant land in two separate lots.
The 25,308sqm, triple-supermarket and discount department store anchored shopping centre underwent its most recent expansion in 2019.
Lachlan MacGillivray of Colliers International and Carl Molony of Stonebridge Property Group, who managed the sale said t he sales campaign attracted very strong market demand owing to the quality of the centre, its strong underlying fundamentals and value-add potential.
“We received unprecedented bidding from high net worth private investors, institutions, syndicators and international investors looking to partner with domestic managers.”
Fund Manager of APPF Retail Anne MacSporran said the sale represents a strong result for investors, especially in light of recent market conditions.
“The outlook for Australian retail remains positive with sales stabilising post pandemic,” she said.
“With the sector undergoing an evolution in response to changing consumer trends, APPF Retail is progressing its urban growth centre strategy, positioning our core assets to capitalise on mixed use opportunities which will cater to future lifestyle, technology and shopping needs”
Colin DeLutis, Chairman of buyers DeGroup said CS Square offered significant growth potential in one of Melbourne’s leading growth areas.
“We have been following the performance of CS Square for a long period of time and feel that it is a perfect fit for our high-quality portfolio of convenience and service focused centres”.