Frasers, Sekisui divest three retail assets for $162.3m

The assets have a combined GLA of 14,600 sqm.

The joint venture (JV) between Frasers Property Australia and Sekisui House Australia have sold three retail assets from its $930m Central Park to a consortium comprising Fortius Funds Management and SC Capital Partners Group for $162.3m, the company announced.

Central Park Mall, DUO Retail and Park Lane Retail are the freehold assets in the partners’ mixed-use development in Sydney CBD, with a total combined gross leasable area (GLA) of 14,600 sqm.

The sale was made on behalf of the partners’ RECAP V fund, which represents an acquisition of 100%t interest with management rights.

The company also stated that the move serves the final component of the partners’ divestment strategy as its 12-year Central Park development nears completion.