Bill Gravanis, the new owner of Sydney’s Luna Park through his family-run Oscars Group, has raised $37.4 million to fund the park’s revamp by selling The Village on Summer Street mall in Orange, NSW.
According to Sydney Morning Herald, the mall was co-sold by architect Paul Saunders, who had partnered with Oscars to acquire the centre for $22 million in April 2019.
The 21,090-square-metre property, which includes a 4947 sqm mall and 2573 sqm of developable land, was purchased by Centennial and its partner, Parkstone Funds Management.
Centennial’s executive director, Paul Ford, highlighted the centre’s stable income from its non-discretionary retail mix and positive growth outlook for the region.
“This deal positions us well as we continue to scale our retail portfolio,” Ford said.
Source: Sydney Morning Herald.
