Property investor Realside has struck a deal to buy Maddington Central, a shopping centre located 17 kilometres from Perth’s central business district, from listed landlord Vicinity Centres for $107 million. Now, it’s seeking equity backers to come in on the investment.
Street Talk understands potential investors have been told Realside has secured the investment in an off-market trade at a small premium to the $97 million book value. However, the acquisition price is a 40 per cent-plus discount to the land and replacement value, while also being lower than Vicinity’s $122 million peak valuation for the asset.