Australia’s most trusted bespoke advisory firm for Asian investors today announced its acquisition of Century City Walk — an entertainment and lifestyle shopping mall located in Glen Waverley, Victoria — in a deal worth $45 million. Settlement of the deal is scheduled for October this year.
iPG’s property portfolio includes the adjoining Novotel Melbourne Glen Waverley Hotel. According to Deep Kotak, Head of Funds Management, the Group is uniquely placed to maximise the potential of the combined commercial space:
“We are delighted to add this landmark address to our growing commercial property portfolio. This is a key acquisition for iProsperity given its unique location in the heart of the popular Glen Waverley retail and business precinct, adjacent to the Novotel Melbourne Glen Waverley, which is a current asset, making us one of the largest landlords in this area.”
“This acquisition provides our investors with exposure to an ideally-located asset, strong redevelopment and expansion upside, and one of Australia’s most attractive residential markets. All of which align to our investors’ need to secure high and stable returns.”
Measuring 8,352 sqm, Century City Walk is 100% leased by nine tenants, including Village Cinemas and Australian Leisure and Hospitality Group. iPG intends to continue running the centre as a yielding investment while exploring redevelopment potential. The conjoined land, with a combined land area of circa 10,500 sqm, has potential for future mixed use redevelopment.
In 2016, iPG acquired the Novotel Melbourne Glen Waverley for the sum of $73,666,666.