ISPT to increase stake in The Myer Centre, Brisbane
ISPT has initiated the proposed acquisition of an additional 25% of The Myer Centre, Brisbane from Vicinity Centres. To date The Myer Centre was held as a 50:50 JV between ISPT and Vicinity Centres, post settlement ISPT will hold 75% of the asset. Vicinity Centres will remain the property manager and development manager.
Sam Curry, ISPT General Manager, Corporate Services said: “ISPT and Vicinity Centres enjoy a productive working relationship and share five assets in JV status including two under development.”
ISPT is also in due diligence for a 50% interest in Mornington Central owned by Vicinity Centres. Vicinity Centres will retain 50% and continue to provide property management services for the Centre. This would be the first joint venture for IRAPT and Vicinity Centres.