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ISPT acquires 50% interest in five shopping centres for $371.4m
Through a joint venture with Federation Centres (formerly Centro) the ISPT Core Fund has acquired four sub-regional shopping centres in Mandurah WA, Cranbourne VIC, Karingal VIC and Warriewood NSW and one neighbourhood centre in Halls Head, located in Mandurah, WA.
Federation Centres and ISPT each have a 50% joint ownership holding, prior to this transaction Federation Centres owned 100% of these Centres. Federation Centres will retain the property management, leasing and development services for the centres.
The purchase price for this 50% interest is $371.4M with settlement 31 July 2013.