Westfield Carindale owner expands next door
Carindale Property Trust, which owns a stake in Brisbane’s Westfield Carindale, has expanded its footprint taking over the neighbouring Millennium Boulevard Office and Retail Centre.
The $28 million deal was done together with its joint venture partner, Lendlease’s APPF Retail. It was brokered by CBRE’s Mike Walsh and Peter Court.
The property trust said the acquisition of the complex consolidated land ownership next to Westfield Carindale and the existing Carindale Home and Leisure centre, giving the landlord opportunity “to unlock further retail and mixed-use opportunities”.
That news came as the property trust released its 2018 full-year results, with funds from operations of $28.2 million and profit for the year of $27 million.
The Westfield Carindale centre is now valued at more than $1.63 billion, with the listed trust’s stake worth $814.3 million.
The final distribution of 20.1¢ per unit takes total distributions to 40.2¢.
Forecast distribution for the 2019 financial year will dip to 36.2¢ per unit as the trust’s earnings fall during the reconfiguration of the David Jones store at the centre.
