EG buys stake in Brisbane suburban shopping centre for $215 million

 Managed property investment fund EG’s Australian Core Enhanced (ACE) Fund is now valued at more than $1 billion after it acquired a half stake in the Grand Plaza shopping centre in Browns Plains, Logan City as part of a deal understood to be worth $215 million.

Vicinity Centres (ASX: VCX) will hold onto the remaining 50 per cent of the centre, with agents CBRE claiming the sale represents further evidence of the heightened demand for suburban retail investment opportunities.

Just last week, Business News Australia reported the Benowa Gardens shopping centre on the Gold Coast sold at a 50 per cent premium to what former owner IJ Capital paid in early 2020, while neighbourhood and sub-regional shopping centre owner Shopping Centres Australasia Property Group (ASX: SCP) reported a 320 per cent profit lift in its latest half.

Read More: https://www.businessnewsaustralia.com/articles/stake-in-brisbane-suburban-shopping-centre-sold-for--215-million-to-eg.html



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