OWNERSHIP of the Shepparton Marketplace recently changed hands, when DEXUS Wholesale Property Fund (DWPF) acquired the shopping centre for $70.6M.
The 16,350 square metre shopping centre comprising of 34 specialty stores on Benalla Road appealed to the property group giant due to being in line with its strategy to diversify its retail portfolio by investing in sub-regional shopping centres and to leverage the DEXUS’ expertise in retail management.
The acquisition also includes an adjoining six hectare vacant parcel of land.
DWPF Fund Manager, Penny Ransom said, “The acquisition of Shepparton Marketplace continues the implementation of the fund’s strategy to enhance diversity through increasing the overall allocation to non-discretionary food, convenience and service retail, and to enhance returns via leveraging the DEXUS retail management, leasing and development expertise.
“DEXUS’ is an experienced manager of sub-regional shopping centres, and it will utilise its retail management expertise to enhance the retail and services available for the Shepparton community.”