Tuesday, 8 January 2008

Foreign investor in Westfield Parramatta

While institutional investors dominated the buying of NSW retail property, GIC Real Estate, purchaser of a half stake in Westfield Parramatta, was among the foreign investors who were the major buyers in 2007. Turnover of major centres in NSW dropped by 20 per cent to about $1.37 billion as owners held on to properties in the expectation of higher rents, according to The Australian Financial Review.

Queensland Investment Corporation, owner of shopping centres at Castle Hill and Blacktown, along with Westfield, Lend Lease, Stockland, Colonial and international investors, have been briefed on Centro Properties Group's campaign to sell $2.3 billion of its Australian shopping centre assets to refinance its debts.