Federation Centres (FDC), previously known as Centro Retail, has signed a $371.4 million co-ownership deal for 50 per cent of four sub-regional shopping centres and a convenience centre with ISPT.
The four sub-regional shopping centres are Mandurah in WA, Cranbourne and Karingal in Victoria and Warriewood in NSW. The convenience centre is Halls Head also located in Mandurah, WA.
According to Steven Sewell, Federation Centres managing director and CEO, said the recent name change reflects a much different organisation and the deal with ISPT is part of the company’s transformation.
“When combined with the previous Perron Group strategic alliance, on completion of this transaction with ISPT, Federation Centres will have undertaken co-ownership in eight centres with a gross value of $2.1 billion,” he said.
“With more than $1 billion in capital raised from these co-ownership arrangements, we will be well positioned to grow our business through redevelopment projects across our portfolio of quality Australian shopping centres and further acquisitions of syndicate properties.”
Federation Centres will continue to manage the shopping centres to be held with ISPT, Sewell said.