The HomeCo Last Mile Retail Logistics (LML) Fund has purchased a shopping centre in a suburb of Melbourne from Australian property manager Newmark Capital for 107 million Australian dollars (65 million euros).

The fund, managed by HMC Capital, has acquired Brendon Park, which is situated on a 5.81 ha site and offers a gross lettable area of ​​23,038 sq m.

Newmark purchased the centre from Vicinity Centres and Telstra Super in 2017 for A$135 million.

Sid Sharma, Managing Director of Real Estate at HMC Capital, told IPE Real Assets: “Our acquisitions in the LML fund build on our track record of repurposing. Over the last five years, we have refurbished or repurposed over 500,000 square metres of retail space across the country.

“Our goal is to transform traditional shopping centers into vibrant community gathering places that focus on the everyday needs of customers and last-mile fulfillment solutions for tenants.”

The fund is backed by SA Funds, South Australia’s public superannuation fund, which has invested A$350 million in the fund. It aims to grow its portfolio to A$1 billion worth of last-mile retail assets. HMC-listed Daily Needs REIT is an investor in the LML fund.

CBRE Asia Pacific negotiated the sale of Brendon Park on behalf of Newmark Capital together with JLL.

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