FEDERATION Centres has completed the 50% sale of a portfolio of shopping centres to funds managed by Challenger.
The transaction includes regional shopping centres at Bankstown and Roselands, and convenience centres at Toormina, Karratha, Lennox and Sunshine, totalling $602 million.
FDC will remain as manager of the centres and be responsible for their redevelopment programs.
The deal, announced in early June, represented FDC’s third major joint venture in less than 12 months, with group unlocking almost $1.7 billion in that time.
FDC sold a half share in a portfolio to Perron for $690.4 million and a half share of another portfolio to IPST for $371.4 million.
Property Review
