Internalised CFS sells Entertainment Quarter, buys Queanbeyan centre, opens Emporium
The CFS Retail Property Trust Group & one of the wholesale funds it manages, CFSGAM Property Retail Fund, have conditionally sold their leasehold interest in the Entertainment Quarter in Moore Park, Sydney, to a private consortium headed by Gerry Harvey, John Singleton & Mark Carnegie’s private equity fund, Carnegie Private Opportunities Fund No1, for $A80 million.
The Entertainment Quarter is a mixed-use asset focused on retail, entertainment, leisure & office in the Centennial Park sports & leisure precinct, 3km south-east of the Sydney cbd and next to the Sydney Cricket Ground, Allianz Stadium, Fox Studios & Hordern Pavilion.
The sale is subject to the approval of the ground lessor & the relevant state government consent authority.
CFS Retail was part of Colonial First State Global Asset Management, a business unit within the Commonwealth Bank of Australia Ltd’s wealth management division, until securityholders voted on 7 March to internalise its management, which included acquiring the bank’s retail property asset management business and the relevant entities to start the investment management of a number of wholesale property funds.
The bank has also exited management of the Commonwealth Property Office Fund, selling it to Dexus Property Group.
One of the wholesale funds CFS Retail manages, the new CFSGAM Property Enhanced Retail Fund, has bought its first retail asset, the Riverside Plaza sub-regional shopping centre in Queanbeyan, the New South Wales city next to Canberra, from AMP Capital Investors Ltd for $A62.5 million on a yield of 8%.
The CFS Retail Property Trust Group owns Melbourne’s latest fashion retail magnet, the fully leased Emporium Melbourne – on the site of Myer’s Lonsdale St store in the cbd – which opened its first stage in April and is continuing to open progressively until August.
It will have 220 international & local retailers offering fashion & food on 7 levels, including 20 Melbourne flagship stores.