Australia's Sekisui, Frasers JV divests $119 mln Central Park Retail assets

The joint venture (JV) between property developer Frasers Property Australia and peer Sekisui House Australia have completed the sale of three final retail assets in the Central Park Retail, a mixed-use community in Sydney’s central business district.

The three assets included in the deal are Central Park Mall, DUO Retail, with eight retail outlets, and Park Lane Retail, which also has six retail outlets.

The joint venture sold the properties to a consortium comprising Australian commercial real estate investor Fortius Funds Management and Singaporean peer SC Capital Partners Group, which acquired the properties on behalf of RECAP V Fund.

The consortium paid A$174.5 million ($119 million) to purchase the retail portfolio, which encompasses 14,600 square meters of gross lettable area spread across five levels.