In a landmark moment for Australian retail, Westpoint Shopping Centre in Blacktown has been sold to Haben and Hines for circa $900 million, marking the largest individual retail asset transaction in Australian history.
This historic deal sees Haben, a leading Australian property management firm, partner with global real estate giant Hines in their first retail acquisition in the Australian market. The purchase signals a significant strategic shift for both companies and cements their joint role as key players in the Australian retail landscape.
A vision for growth
Ben Finger, Managing Director & Co-Founder of Haben said: “Westpoint Shopping Centre is a significant asset offering core retail and mixed-use zoning in one of Sydney’s fastest-growing metro areas.
“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,” said Finger.
“Haben are pleased to take over the management and have a strong belief in the resilience and potential of the Australian retail market. We greatly look forward to continuing to grow Westpoint Shopping Centre alongside its expanding demographic.”
With Westpoint’s central role in Blacktown’s urban fabric, the new owners are poised to drive further development, catering to the evolving needs of one of Sydney’s most vibrant and growing communities
A legacy of active management
Michael Fattouh, Fund Manager of QIC Town Centre Fund, reflected on the journey of Westpoint Shopping Centre, which had been a part of QIC’s portfolio for more than three decades. “This deal reflects performance driven by 34 years of active management,” he said.
“From introducing an integrated bus station to revitalising the Fresh Food market and delivering a new Dining and Entertainment Precinct, we are immensely proud of Westpoint’s evolution, and it is only fitting that its sale is the retail deal of the year.
“This sale, while still subject to FIRB approval, further showcases QIC’s ability to not only drive performance through active management, but to also deliver successful transactions on behalf of investors when the time is right.”
Throughout QIC’s management, the centre underwent a series of enhancements, including the introduction of an integrated bus station, the revitalisation of the Fresh Food market, and the creation of a new Dining and Entertainment Precinct
A record-breaking transaction
The sale of Westpoint Shopping Centre has broken records as the largest single transaction of an established retail asset in Australian history, surpassing the 2017 sale of Indooroopilly Shopping Centre.
Colliers’ Managing Director of Asia Pacific Retail Capital Markets, Lachlan MacGillivray, said: “The sale of Westpoint Shopping Centre represents the most significant 100% single transaction of an established retail asset in Australian history. This is the largest single transaction of an Australian retail centre, eclipsing the sale of Indooroopilly Shopping Centre in 2017.
“The asset possesses all the key attributes investors are seeking: a large Sydney metro landholding, proximity to major roads, and co-location with a train station and bus interchange,” said MacGillivray.
“This transaction marks the first 100% interest in a regional shopping centre to be transacted in Sydney’s metro area since Top Ryde in 2012.”
The Westpoint transaction is the first 100% interest in a regional shopping centre in Sydney’s metro area since the sale of Top Ryde in 2012
Future prospects
While the sale is still subject to Foreign Investment Review Board (FIRB) approval, its successful completion will further reinforce Australia’s retail sector as a dynamic and resilient market for both local and international investors. For Haben and Hines, the acquisition presents a unique opportunity to grow their influence and showcase the possibilities of strategic partnerships in retail management and development.
