Malaysia’s real estate company Mulpha has acquired Brimbank Plaza in Melbourne for $150 million from American private equity firm Blackstone, according to several Australian media reports.
According to The Urban Developer, the 37,576sqm sub-regional shopping centre, which was anchored by Woolworths, Coles, Aldi, and Target, had a combined fully-leased net income of $12.3 million per annum.
In 2016, Blackstone bought the Brimbank property from ASX-listed Vicinity Centres along with Clifford Gardens, Forest Hill Chase and Toombul for $841.4 million, said the property community-led news portal.
The news portal also highlighted the deal was handled by American property consultant CBRE.
It cited CBRE’s investment director Mark Wizel as saying the sub-regional shopping centres in Australia had been under pressure.
Mulpha and CBRE Australia had not replied to emails seeking confirmation at the time of publishing.
It was also reported last week that Mulpha got a green light from Australian state Independent Planning Commission to revamp Sydney’s InterContinental Hotel for $203 million.