Charter Hall has signed a deal to buy Perth-based Innaloo shopping centre and Shoppers Village and the adjoining Innaloo mega centre from Westfield for $255 million, following signing a put option agreement.
Charter Hall said the put option was conditional of Westfield Group’s and Westfield Retail Trust’s plan to divest its interest in Karrinyup shopping centre.
“Westfield announced yesterday that it is committed to selling its interest in the Karrinyup shopping centre, and therefore the put option is now unconditional and able to be exercised by Westfield at any time until 25 December 2013,” the company said.
The property giant also said if the put option is exercised by Westfield, the Innaloo properties would be held within the newly established unlisted wholesale trust, RP3, which will be 85 per cent owned by a global institutional partner with the remaining 15 per cent, equating to a $21 million equity investment, to be owned by the Charter Hall Group.
Located in the Perth suburb of Innaloo and approximately eight kilometres north-west of the city’s CBD, the 37,200 square metres Innaloo Shopping Centre incorporates the attached Innaloo Shoppers Village, and is anchored by K-Mart, Target, Coles and Woolworths, and supported by over 140 specialty tenants.
The adjoining 9,245 square metres Innaloo mega centre is anchored by a progressive Super IGA supermarket with 24 specialty tenants.