Historic $900M Westpoint Shopping Centre Deal Breaks National Record
In a historic move, Westpoint Shopping Centre in Blacktown has set a new benchmark as Australia’s largest retail transaction. Local syndicator Haben, in partnership with US investment manager Hines, finalized the $900 million purchase of the centre, surpassing the previous record of $810 million set by the Indooroopilly Centre in 2017. The deal signifies both a massive investment in Western Sydney and a growing confidence in the resilience of Australia’s retail sector.
Ben Finger, Managing Director and co-founder of Haben, expressed his enthusiasm for the acquisition, calling Westpoint a “significant asset” due to its strategic location and mixed-use zoning potential. He emphasized that this is not just a retail play but a calculated partnership with Hines, marking their first venture into the Australian retail landscape. Finger noted, “This acquisition presents a strategic opportunity to partner with Hines on their first Australian retail acquisition, establishing one of the largest retail partnerships in Australia.”
The Westpoint Shopping Centre has been a pillar of the Blacktown community for 34 years, previously managed by Queensland Investment Corporation (QIC). According to Michael Fattouh, QIC’s Town Centre Fund Manager, the sale marks a high point in the centre’s journey. Fattouh highlighted that Westpoint has evolved into the “retail and lifestyle heart of Blacktown,” having undergone several revitalization projects, including the integration of a bus station and the creation of new dining and entertainment precincts. Reflecting on QIC’s tenure, Fattouh said, “It is only fitting that its sale is the retail deal of the year.”
Lachlan MacGillivray, Colliers’ Managing Director of Asia Pacific Retail Capital Markets, called the sale “the most significant 100 per cent single transaction of an established retail asset in Australian history.” He praised the asset’s location and infrastructure, which includes access to major roads and public transport hubs like a train station and bus interchange, making it highly attractive to investors. He added that this transaction is the first of its kind in Sydney’s metro area since Top Ryde Shopping Centre was sold in 2012.
The sale of Westpoint is a monumental moment for Australia’s retail market and underscores the growing interest in prime retail assets. As Western Sydney continues to expand, this record-breaking transaction signals a bright future for the region and its potential for further retail and commercial development.
References:
Melissa Fisher
Founder, Acuity Development Group & The Right Team