Skip to content
Finance Investment, Property Real Estate

Westbridge Diversified Fund No.4 acquires multi-tenanted retail asset

Westbridge Funds Management 2 mins read
The Centre's tenants include Ampol, Krispy Kreme, Zarraffa's Coffee and popular global burger chain, Carl's Jr.

Western Australian-based property fund manager, Westridge Funds Management, has settled on the eighth and final asset for its popular Diversified Fund No.4, with the acquisition of Redbank Plains Retail Centre for $23 million.

The asset sale was facilitated with the support of Michael Hedger and Joe Tynan of CBRE, acting as selling agents.

The property, located at 588 Redbank Plains Road in Queensland, is a well-established premium convenience retail site with over 89% of income secured to national and global retailers.

Purchased by Westbridge at an attractive WALE of 6.27 years, the Centre’s tenants include Ampol, Krispy Kreme, Zarraffa’s Coffee and popular global burger chain, Carl’s Jr, alongside several complementary retailers.

Mr Simon Worth, Head of Capital Transactions at Westbridge Funds Management, said, “With the asset’s leasing profile linked to a blend of CPI and fixed review structures, we saw an opportunity with this acquisition to build on the Fund’s defensive income profile, which has been a key part of our strategy in safeguarding against the current high inflation environment.”

“Moreover, the Centre is located within the emerging Ipswich City Council, which is one of Australia’s fastest growing local government areas, aligning with our mandate to acquire assets in locations with long-term capital growth potential.”

Situated 25km southwest of the Brisbane CBD, the local population of Ipswich City Council is projected to grow by around 140% by 2041 according to 2021 Census data, supported by key residential projects from Lendlease and Peet. 

Mr Damian Collins, Chairman of Westbridge Funds Management, said, “The Westbridge team has invested considerable time into finding the appropriate asset to complete the portfolio of our successful Diversified Fund No. 4.”

“We believe the Redbank Plains Retail Centre is the perfect addition to the existing portfolio of the Fund, which now spans Western Australia, Victoria and Queensland, giving investors the benefit of diversification across sectors and locations.”

The Westbridge Diversified Fund No.4 aims to deliver monthly income distributions, coupled with capital growth potential based on asset locations with strong fundamentals. 

“With its strategic location and strong blue-chip income stream, the addition of the Redbank Plains Retail Centre has served to further emphasise these objectives, and in our view has been the ideal asset to close out the Fund,” said Mr Collins.

The Westbridge Diversified Fund No.4 closes with circa $125 million in assets with exposure to a number of high-profile tenants including Dan Murphy’s, Holman’s industries, Ampol, 7-Eleven, Swick Mining (Perenti) and Blackwoods – a wholly owned subsidiary of Wesfarmers.


Key Facts:

§  Westbridge’s Diversified Fund No.4 has recently settled on the $23 million purchase of the Redbank Plains Retail Centre in Queensland.

§  The convenience retail centre is positioned in one of Queensland’s fastest growing regions, and has over 89% of income secured to national and global retailers.

§  The Redbank Plains Retail Centre represents the eighth and final asset of the Westbridge Diversified Fund No.4, bringing total assets under management to circa $125 million.


About us:

Westbridge Funds Management has been helping investors grow their wealth through managed property funds for more than 20 years. Applying a unique research-driven and investor-first approach, Westbridge provides access to a range of unique commercial and residential property investment opportunities that are focused on generating long-term outperformance.

Westbridge Funds Management manages $900 million of commercial and residential property funds and 20+ residential development projects. The company specialises in property acquisition, commercial and residential funds management, commercial property management and multi-unit residential developments.


Contact details:

Meg Collings  - Media Coordinator (Westbridge Funds Management)

P: 0432 610 742

E: meganc@westbridgefunds.com.au

Media

More from this category

  • Medical Health Aged Care, Property Real Estate
  • 19/06/2024
  • 19:54
Kurraba Group

Kurraba launches Australia’s first-commercial life sciences campus

Sydney, Australia: Leading Australian life sciences and bio-medical property investment and development manager, the Kurraba Group (‘Kurraba’), is excited to announce the launch of Australia’s first commercial life sciences Campus, a $490-million development in the heart of Sydney’s emerging health and innovation precinct. Just 2kms from the CBD, the strategically-located 26,000sqm development site at 100 Botany Road, Waterloo, will house hi-tech laboratories, knowledge workspaces, and the necessary infrastructure and facilities for professionals working in Australia’s rapidly-evolving life sciences sector. The Campus will drive investment, productivity and high-growth across advanced medical and health sciences industries, creating a robust platform for local…

  • Education Training, Finance Investment
  • 19/06/2024
  • 10:45
Chartered Accountants ANZ

CA ANZ Media Release: Australia needs more Accountants and Auditors

19 June 2024 AUSTRALIA NEEDS MORE ACCOUNTANTS AND AUDITORS Chartered Accountants Australia and New Zealand (CA ANZ) has found ongoing shortages across 11 accounting, audit and finance-related occupations in Australia and wants them urgently added to the Final Core Skills Occupation List (CSOL). “CA ANZ is calling for eleven occupations to be urgently added to the Final Core Skills Occupation List to address the ongoing shortages in accounting, audit and finance professionals across Australia which are not being filled by domestic candidates,” CA ANZ CEO Ainslie van Onselen said. “Australian businesses are under a lot of pressure at the moment,…

  • Contains:
  • Property Real Estate
  • 19/06/2024
  • 10:35
Aus Property Professionals

Lloyd Edge’s Consistent Award-Winning Streak Sets New Standards in Real Estate

In the competitive landscape of Australian real estate, Lloyd Edge’s numerous accolades highlight a commitment to excellence that resonates industry-wide. As a leading buyer’s…

  • Contains:

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time you distribute with Medianet. Pay per release or save with a subscription.