Greenpool Capital and Savills Investment Management have bought the Forest Lakes Shopping Centre for $815 million.

The centre is located in Perth’s Thornlie, 15km south-east from the CBD, and has 42 speciality stores, among with Woolworths, Coles, and ALDI supermarkets.

Greenpool recently acquired North Adelaide Village, Adelaide and Runaway Bay Shopping Centre on the Gold Coast.

“The centre is 97 per cent occupied, has an MAT of $128.8 million with specialty productivity 14 per cent above benchmark, said Brad Osborne, Managing Director of Greenpool Capital.

“It trades at a remarkably low specialty occupancy cost.

“Neighbourhood shopping centres continue to prove resilient in a post-pandemic era, offering superior risk adjusted returns for investors.”

“The interest in Forest Lakes Shopping Centre underlines the strong demand for non-discretionary assets despite rising interest rates,” CBRE’s Simon Rooney, who handled the off-market sale, said.

“There remains strong capital demand and therefore liquidity for quality retail assets, particularly assets which are tightly held, with Forest Lakes an example of a deep and broad pool of investors having conviction about an opportunity and pursuing it.”