Front of Gympie Centro shopping centre.
Front of Gympie Centro shopping centre. Craig Warhurst

Landlord sold on Centro Gympie shopping centre

SHOPPING centre landlord Federation Centres, previously called Centro Retail Australia, has purchased the Centro Gympie shopping centre for $64 million.

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

Propertyobserver.com reported yesterday that the Gympie shopping centre is now wholly owned by Retail Direct Property, the direct property division of Federation Centres with its purchase part of ongoing plans to simplify the complex syndicate business it operated previously as the debt-laden Centro property group.

General manager of external affairs for the organisation Brandon Phillips confirmed yesterday that a contract had been signed on the Gympie shopping centre but it would not settle until towards the end of the month.

Centro Gympie has a gross lettable area of 14,054sq m and 752 car spaces. Big W and Woolworths are its anchor tenants.

Federation Centres reported an interim net profit $115.91 million for the six months to December 31, 2012 - its first complete first-half results under its new brand name.

In the prior corresponding period, then known as Centro Retail Australia, it reported a loss of $100 million for the six months to December 2011.

Federation Centres plans to buy other syndicated malls, spending $650 million on such acquisitions thus far.

Other properties under the Centro MCS 9 syndicate which have been purchased by Federation Centres include Centro Dianella in Western Australia, which it bought for $54 million.

Federation Centres is an Australian Real Estate Investment Trust with equity of $3.4 billion.

Gympie Times


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