Melbourne-based Nikos Property Group has acquired a 50% stake in Northland Shopping Centre from GPT Wholesale Shopping Centre Fund for $385 million.
According to Business News Australia, the acquisition marks Victoria’s largest retail transaction since 2018.
This is Nikos Property Group’s fourth partnership with Vicinity Centres, which co-owns and manages the asset.
Nikos Property Group is founded and chaired by Nick Andrianakos who once drove forklifts for the Pratt family but has gone on to become a billionaire in his own right.
Now managed by his son Theo, the group has invested $828 million in four 50% stakes in Vicinity-managed shopping centres, including Adelaide’s Elizabeth City Centre ($170m), Colonnades Shopping Centre ($138.2m), and Melbourne’s Broadmeadows Central ($134.5m).
Experts see the acquisition as a strategic and opportunistic move, with investor interest in large regional shopping centres increasing.
The 19ha Northland Shopping Centre in Preston offers strong tenant covenants, development potential, and a WALE (weighted average lease expiry) of 7.1 years by income.
Source: Business News Australia
