Top Ryde shopping centre set to fetch $700 million as Blackstone moves to sell
The world's largest property owner Blackstone is selling its Top Ryde shopping centre.
Bought from receivers five years ago for $341 million, the private equity group has spent about $90 million on the Top Ryde complex.
Located 12 kilometres from the Sydney CBD, the centre includes a Coles, Woolworths, Aldi, Kmart, Big W, Harris Scarfe, Event Cinemas, 20 mini majors, 200 specialties and kiosks, and parking for 2925 cars.
Its total shopping area space is 76,958 square metres.
Recent comparable shopping centre deals include AMP's purchase of Indooroopilly in Brisbane for $800 million and GPT's unlisted fund's $680 million purchase of a 25 per cent share in Highpoint, Melbourne. Both deals reflected sales prices of about 4.25 per cent.
The Australian Financial Review suggests Top Ryde was likely to sell for about $700 million, a yield of about 5 per cent.
The shopping centre was valued at $840 million in 2008, Property Observer noted on its last sale.
