LaSalle Fund acquires Big Top Market Fresh shopping centre, Maroochydore
SYDNEY June 30, 2015 – LaSalle Investment Management (“LaSalle”) on behalf of LaSalle Australia Core Plus Fund (LACPF) today announced that LACPF has acquired Big Top Market Fresh, a shopping centre in Maroochydore, Queensland, approximately 100 kilometres north of Brisbane.
Located on the Sunshine Coast, a major Australian growth corridor combining residential and tourism markets, the complex comprises five adjoining properties on a combined, high profile site of 33,227m2. Big Top Market Fresh is anchored by a Woolworths, together with approximately 43 speciality shops. The centre enjoys a significant point of difference with the newly launched Shane Stanley Farmers Market as the centre’s second anchor.The combined site, including Ryan Plaza and 6-10 Ocean Street, offers a number of redevelopment opportunities, which could capitalise on target market growth and maximise asset value.
“The property is an excellent investment opportunity for LACPF supported by strong residential population growth and unique exposure to a major tourism market together with further redevelopment opportunity,” said Simone Dalley, LACPF Fund Manager. Chris Forbes, LaSalle Australia Head of Funds Management, added, “LaSalle’s renowned research expertise combined with its widely experienced Australian acquisitions team working across all sectors and risk profiles enable us to identify investment opportunities outside a competitive market process.”
“LaSalle maintains a balanced investment strategy in Australia, with its funds investing across different asset types and risk profiles, and Big Top Market Fresh will be an excellent “core plus” addition to the LACPF portfolio.” LaSalle Funds have been investing in Australia since 2006 and currently LaSalle manages approximately US$2 billion of assets in Australia. LaSalle has over 40 employees spread across Sydney, Brisbane and Melbourne. LaSalle offers a full service model with a wide spectrum of capabilities, including acquisitions, funds management, asset management, development, property management, leasing and research.