The North Shore opportunity is part of a fresh wave of retail real estate offerings, as fund manager and investors focus more closely on inflation-beating returns from the sector.
Momentum from last quarter’s surge in deal-making is expected carry into 2022, notwithstanding the fresh outbreak of the omicron variant of COVID-19, which is pushing the health and testing systems to the limit.
GPT’s divestment of the Wollongong mall follows 18 months of turmoil in the retail property sector, as the COVID-19 disruption combined with longer-term challenges for retail landlords, including the rise of e-commerce.