Abacus sells Liverpool Plaza for $46 million
Written on the 20 March 2019 by Paris Faint
Abacus Property Group (ASX: ABP) has sold long-term asset Liverpool Plaza to an undisclosed local group for $46 million.
The buyer ran an unsolicited campaign to acquire the property which was first purchased by Abacus in August 2004.
Abacus says that although the company was not initially trying to actively sell Liverpool Plaza, it fell in line with the company's strategy to focus more on its "super convenience" shopping centres; Ashfield in Sydney and Lutwyche in Brisbane.
"Liverpool Plaza was identified in August 2018 as a non-core asset, and this transaction is in line with our evolving retail strategy," says the company.
Under Abacus' ownership, Liverpool Plaza underwent a full refurbishment in 2013 to modernise its internal retail malls, improve entry canopies and upgrade external facades.
The property is located on the Macquarie pedestrian mall in Liverpool, around 34km south-west of the Sydney's CBD.
Liverpool Plaza's major tenants by income include ALDI, ANZ Bank, St George Bank and IMB. Abacus Property Group's website lists the occupancy at 64 per cent and lists its WALE by income at 3.7 years.
Business News Australia
Author: Paris Faint