The $300 million sale to boutique fund manager IP Generation is the largest shopping centre deal in Victoria in five years and nationally since late 2021 as benchmark prices for malls reset.
Fortius arrives with Irongate at Rundle Place in $210m deal
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ASX-listed Irongate has partnered with property platform Fortius to take out Rundle Place, a prime shopping destination in the heart of Adelaide’s CBD, for about $210 million, in one of the biggest single retail deals since the pandemic disruption.
On the sell side is deep-pocketed private equity giant Blackstone, which acquired both the shopping centre on Rundle Mall and an office tower above it in a $400 million transaction five years ago. The office component was sold three years ago to Centuria, in partnership with Rich Lister Paul Lederer, for $185 million.