Rich Lister Nick Andrianakos has invested for the first time in a major shopping centre, acquiring a $135 million-plus half stake in Adelaide’s Colonnades mall, The Australian Financial Review (AFR) reports.
The deal comes almost half a century after the Greek migrant bought his first petrol station in 1973, and later went on to create the 54-asset Milemaker chain of petrol stations.
According to the AFR, Andrianakos sold the fuel retail business to Caltex in 2016 in a $94 million deal. He retained the real estate to include in the growing commercial property portfolio of the family’s Nikos Property Group.
Nikos’ co-owner in the Colonnades mall sale is ASX-listed Vicinity Centres, whose biggest shareholder is another Rich Lister, John Gandel.
“The opportunity to acquire a substantial shopping centre such as Colonnades that is professionally managed by Vicinity is a good opportunity for us and helps diversify our investment holdings,” Nikos chief executive, Theo Andrianakos, said in a statement to The AFR.
Source: The Australian Financial Review.