WARRNAMBOOL’S former Centro shopping centre has been sold for $13.7 million to a Melbourne company which is expected to give the Mortlake Road site a name change.
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Federation Centres offloaded its south-west Victorian investment for a 4 per cent premium on book value, according to an announcement to the stock exchange.
The shopping centre includes a Coles supermarket, nine specialty stores and a pharmacy.
It will be managed by local property agent David Turner, who assisted with the sale. He said last week the sale settlement was due on February 1.
Federation also recently sold Mildura Central for $109.7m at a 7 per cent premium on book value and two Queensland shopping centres for a total of $33m, a 5.7 per cent discount on combined book value.
The Federation Centres includes the former Centro group, which was one of Australia’s highest-profile casualties of the global financial crisis that plunged it into about $3 billion of interest-bearing debt.
Centro shareholders voted in early January 2013 to change the name to Federation Centres, which specialises in the ownership and management of about 70 Australian shopping centres.
