Aventus in $436m deal to take LaSalle’s retail centres, Australian Financial Review

Large format retail landlord Aventus Property Group is testing its investors’ faith, paying a record yield to snap up two Sydney facilities controlled by LaSalle Investment Management for $436 million.

But chief executive Darren Holland said the fast-growing property trust’s focus was on the long-term potential for redevelopment the properties would deliver.

“These are once-in-a-generation acquisitions,” he told The Australian Financial Review. “We will hold for these for a very long time.”

The retail space of Castle Hill in particular could be increased by as much as 25 per cent in the medium term, he said.

“It is a fortress-style, dominant asset. It has excellent development potential.”

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http://www.afr.com/real-estate/aventus-in-436m-deal-to-take-lasalles-retail-centres-20170529-gwfy7r