An investment syndicate established by Perdaman Capital, an Australian property investment firm, has purchased the Village shopping center in Margaret River, Perth for a purchase price of $20 million.

A fund managed by Perdaman Capital, part of Perdaman Capital, bought the mall from Australian investment banking firm Sirona Capital, which made a $2 million profit from the sale.

The 5706 square meter (sq m) mall was purpose-built for Woolworths in 2013 and sits on a 7233sq m site on the corner of Town View Terrace and Wilmott Avenue.

The sale of the Woolworths-anchored shopping centre is on a high passing yield of 7.2 percent and represents an improvement in the asset's underlying value.