Business
Stockland : and Morgan Stanley Real Estate Investing establish strategic retail partnership
Stockland : and Morgan Stanley Real Estate Investing establish strategic retail
About this update from Stockland
Stockland has finalised a strategic partnership with an investment vehicle managed by Morgan Stanley Real Estate Investing (MSREI), to invest in and grow a portfolio of high-quality convenience retail shopping centres across Australia. The partnership, known as the Stockland Convenience Retail Partnership (SCRP), will initially comprise three newly developed community retail town centres located within Stockland masterplanned communities, with a combined value of approximately $250 million. The seed portfolio comprises: Stockland Gables Town Centre in New South Wales Stockland Providence Town Centre in Queensland Stockland Sienna Wood Town Centre in Western Australia Under the partnership, an investment vehicle managed by MSREI will hold a majority interest in the portfolio, with Stockland to retain a significant stake and continue to manage the properties. Stockland Chief Investment Officer, Justin Louis, said the partnership reflected strong institutional investor confidence in the quality of Stockland's masterplanning capability and long-term potential of Stockland's retail town centre pipeline. "This partnership brings together Stockland's proven capability in creating vibrant town centres within key metropolitan growth corridors and MSREI's global investment expertise," Mr Louis said. "The establishment of the Stockland Convenience Retail Partnership supports Stockland's strategy to align our investment objectives with institutional capital and continue growing a high-quality retail platform focused on everyday convenience and essential services." "Importantly, the partnership provides a pathway for future growth through our masterplanned communities pipeline and aligns with continued population growth across key metropolitan corridors." At Stockland, our purpose is to create a better way to live. The transaction further supports Stockland's capital partnering strategy and continued focus on delivering integrated communities that provide residents with access to shopping, services and amenity close to where they live.