News

Big bucks for Gympie malls in $22 billion national merger

MERGER: The owner of Gympie Central (pictured) and Goldfields Plaza, Federation Centres, will merge with Novion Property Group to form one of the largest property trusts in Australia.
MERGER: The owner of Gympie Central (pictured) and Goldfields Plaza, Federation Centres, will merge with Novion Property Group to form one of the largest property trusts in Australia. Greg Miller

GYMPIE'S two major shopping centres, Gympie Central and Goldfield's Plaza, are now part of one of Australia's largest real estate investment trusts.

Federation Centres, the owners of Gympie Central and Goldfields Plaza, has merged with and Novion Property Group (previously the CFS Retail Property Trust) to create an investment trust worth more than $22 billion.

The Sydney Morning Herald reported the merged entity would have a market capitalisation of $11 billion and would be, if approved, the second-largest listed manager of Australian retail assets and a top 10 listed manager of retail assets globally.

Overall it will have $22 billion of retail assets under management across 102 retail assets with more than $18.2 billion in annual retail sales.

Federation, previously know as Centro Properties Group, has a large exposure to food-based centres and malls across the country, including two in Gympie.

They purchased the Centro Gympie shopping centre for $64 million in early 2013.

The mall was previously held by the Centro MCS 9 property investment syndicate.

Gympie Central, as it is now called, has a gross lettable area of 14,054sq m and 752 car spaces.

Big W and Woolworths are its anchor tenants.

Novion is the owner of large mixed-use malls, including Chadstone and the Emporium in Melbourne and Chatswood in Sydney.

The Herald said Novion' management took over control of the fund last year when it was CFS Retail and run by the Commonwealth Bank

Implementation of the merger requires the approval by Novion security holders of Novion schemes of arrangement.

Once the merger is complete, Federation's current chief executive Steven Sewell will run the new group, while Angus McNaughton (chief executive and managing director of Novion) and Michael Gorman (deputy CEO and chief investment officer of Novion) will step down from their current roles.

Gympie Times

Topics:  gympie retail shopping



How to survive a bushfire in your car

IT SOUNDS like a nightmare, but it can happen.

Eight reasons to join the RFS

SPREAD across 93% of Queensland, the Rural Fire Service has about 36,000 volunteers. And you could be one of them.

What if my insurer gives me grief?

CLAIMING your insurance cover after a natural disaster can go one of two ways. It can be a breeze, or like pulling teeth.

New plan could make Imbil a cultural hub

OLD HUB MADE NEW: The historic Imbil train station, which will form part of the Imbil Heritage Park precinct.

A new precinct plan for Imbil is in the works.

Affordable children's fashions at the push of a button

Ruby wears: Love Henry Elka Lace Neckline Top for $32.50 and Love Henry Elka Charlotte skirt for $32.50.

Goomeri's Sage and Rose is going national.

UPDATE: Elderly man hit by car in Centro car park

A man has been injured outside Gympie Central shopping centre.

Paramedics treating man in 80s after incident this afternoon

Local Partners

Farmers count the cost after hailstorm devastation

Rob Price and his wife are just two of many who are devastated by hailstorms last week.


PARTY TIME: Two huge nights of Christmas on Mary

IN THE MOOD: Jade Alexis dressed up for a Mary Christmas on December 14 and 21.

Mary St keeps up its new Christmas night shopping tradition

All your entertainment needs sorted for this weekend

ROCK ON: Travis Collins will be at the Royal Hotel to promote his new album on Friday night

Don't let the bad weather chase away a good time.

Event promises a very Mary Christmas

FESTIVE SPIRIT: Faye Jefferson, Craig Skennerton, Bev Evans and Karyn Palmer from Red Cross Opp Shop at last year's event.

Mary St gears up for Christmas bonanza

Brad Pitt bids to keep custody battle private

Brad Pitt will go to court to keep his custody battle private

Sia has split from her husband

Sia has split from her husband Erik Anders Lang.

Amy Schumer thanks Barbie trolls for hateful comments

Amy Schumer is in the lead role for the new Barbie movie

Shannen Doherty's husband is suing for destroyed sex life

Shannen Doherty's husband is suing her former manager

Azealia Banks' battery case against Russell Crowe dropped

Russell Crowe will not be charged with battery

Mel Gibson named Best Director at AACTA Awards

Mel Gibson poses in the media room after winning the AACTA Award for Best Direction for Hacksaw Ridge.

HIS wartime drama Hacksaw Ridge sweeps 6th annual awards in Sydney.

Ipswich City Properties asset portfolio retains its value

Ipswich City Council Administration Building, South Street, Ipswich. Photo: Claudia Baxter / The Queensland Times

New website launched by Ipswich City Council

INSIDE STORY: The highlights of your $150 million CBD

GRAND PLAN: The highlights of the Ipswich CBD redevelopment and where they will be located.

Work on city heart's radical transformation to begin next year

VOTE IN OUR POLL: Sand mine opponents face serious dilemma

Public meeting for the proposed sand mine at Maroochydore last week.

Coast MP calls on Minister to stop KRA proposal with stroke of a pen

Developer's grand new multi-million dollar estate

NEW ESTATE: This is the only plan revealed by the property developer's new Billabongs Estate in Agnes Water.

DEVELOPER given the go ahead for a massive estate with 149 homes.

Couple's desperate $550K price drop to sell Gladstone home

Brian Headley and Kirstene Staib are selling their Kin Kora mansion for $750,000.

TELL tale sign of Gladstone's property market.

Ready to SELL your property?

Post Your Ad Here!