Retail First Pty Ltd has announced YFG’s acquisition of Strathpine Shopping Centre, purchased for $267 million with a yield of 6%, from US private equity giant Blackstone. Retail First Pty Ltd has been appointed to manage the property, which will become part of the management company’s South East Queensland portfolio of now 21 shopping centres.

With nearly 5 million customers annually, Strathpine Centre is anchored by Big W, Target, Coles, Woolworths and Aldi, and consists of over 130 stores – it is the community hub for the Strathpine area, just north of Brisbane.

YFG Shopping Centres Pty Ltd is a privately-owned, South East Queensland based portfolio of shopping centres, including Toowong Village, Mt Ommaney Centre, Brookside Shopping Centre, 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 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 that this recent acquisition follows on from YFG purchasing Mt Ommaney Centre in the Centenary suburbs of Brisbane, with 100% ownership finalised in May 2020

“YFG Shopping Centres is keen to continue its expansion, looking at shopping centres that they can add value to, utilising Retail First’s expertise is management, leasing, development, operations and marketing.”

“Being appointed to the management of Strathpine Centre is an exciting new challenge for Retail First and its team. The appointment is a testament to the relationship with YFG, and essentially the demonstrated capability of Retail First.”

The sale of the shopping centre settled on the Wednesday 22^nd December when the management transition also took place.

 

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