Barings acquires A$74 million Perth large format retail centre, Joondalup Square, to close out its 4th Australia value add strategy since series inception in 2010, creating the runway for its 5th Australia value add strategy in 2025.

• Barings acquires a high quality, strategically located, large format retail centre (“Centre”) in Joondalup for A$74 million on behalf of its diversified Australia value add strategy (“Strategy”).
• The Centre comprises 13,216 sqm of gross leased area across three freestanding buildings with a combined total site area of 27,598 sqm, is 100%^ leased and has a WALE of 6.1 years^ (by income).
• The Centre comprises 19 tenants, predominantly leased to national and ASX-listed tenants, including Amart Furniture, Forty Winks, Beacon Lighting, Bedshed, Trek, Anytime Fitness, PetO, and Barbeques Galore. The Centre benefits from high foot traffic volumes enhanced by its co-location with a new-format Bunnings Warehouse.
• The Centre is a modern, high-quality, warehouse retail centre strategically located in the major retail and commercial hub of Joondalup, one of Perth’s fastest-growing precincts with a younger, affluent demographic representing a strong market for large format retail tenants.
• Joondalup is a major town centre c26km north of Perth CBD and is one of the most established and largest warehouse retail precincts in Perth, benefiting from strong population growth and surrounding major infrastructure (Edith Cowan University, Joondalup Health Campus, Lakeside Joondalup Shopping Centre, HBF Stadium, WA Police Academy and North Metropolitan TAFE).
• Joondalup Square is the last asset acquired for the Strategy, Barings 4th Australia value add strategy since inception in 2010 focused on value add industrial, large format retail, and counter cyclical office investments.
• Barings 5th Australia value add strategy, will target to be holding its 1st close in Q1 2025 which will be seeking to take advantage of the positive market dynamics in 2025.

Read the full press release here.