Retail First Pty Ltd has announced YFG’s full acquisition of Mt Ommaney Shopping Centre, after negotiating to purchase Nuveen’s 75% share.  YFG purchased 25% of the property from Vicinity in November 2019, and the full acquisition settled on May 2020. Retail First Pty Ltd will continue to manage the property, as part of the South East Queensland portfolio of 20 shopping centres.

Anchored by Kmart, Target, Big W, Coles, Woolworths and Aldi, Mt Ommaney Shopping Centre is a single level regional centre consisting of 170 stores and is the hub for the Centenary suburbs of Brisbane.

YFG Shopping Centres Pty Ltd is a privately-owned, South East Queensland based portfolio of shopping centres, including Toowong Village, Sunnybank Plaza, Australia Fair and Fairfield Gardens, with all centres solely managed by Retail First.  The ownership and management structure demonstrate experienced retail hands with the capacity to produce shared value for all stakeholders.

Retail First’s Managing Director, Mr Steven Bridges, said that he was thrilled with the opportunity for YFG to take full ownership of Mt Ommaney.

“YFG’s full acquisition of Mt Ommaney Shopping Centre is an exciting result for the shopping centre owners, Retail First, and its team.  The joint venture with Nuveen was a good fit, with complementary ideas and strategies.  But the opportunity to have full ownership suits the portfolio model.”

Mr Bridges said that the management company’s strategy of being “central within our communities” forms the framework of tailoring solutions on a case by case basis to provide shared value outcomes for each shopping centre under management.

“We recognise that we have responsibilities to all our stakeholders including shopping centre owners, retailers, our team, our customers and our communities.  Hence, we tailor our approach to produce the ideal result for the shopping centre,” Mr Bridges said.

The full acquisition sale of the shopping centre settled on the 12th May 2020.