The performance of shopping centers is vital to the Australian economy.
Many of the properties are managed by large property groups, and super funds and insurance groups invest to obtain the reliable income from these properties. Centers account for about 38% of the retail space in Australia and more than one third of retail outlets, however, the retail space per person is only about 50% of that in the U.S. This leaves the doors wide open for huge expansion which will probably come from the largest property owners.
Recently restructured CFS Retail Property Trust Group or CFX owns a portfolio of $13.8bn. Although 28 properties are wholly or partially owned by CFX, third-party or wholesale funds have interest in 15 assets.
The result of the restructure of the Westfield group became Scentre. It is the largest owner in Australia with 38 centers across the country.
Its malls account for 11135 retail outlets in 3.4m m² of space. The group has an acquisitions and development programme with a $4.9bn value.
AMP owns 17 centers In Australia and nine in New Zealand, generating $6bn in sales each year.
Federation manages 58 centers worth $4.3bn.
This group manages 17 regional and sub-regional centers across Victoria, WA, NSW and Queensland. Its $4.7bn portfolio is owned mostly by partners and investment funds. It has $1bn in developments in progress.
Dexus Property Group
Dexus has $15bn invested across various commercial properties in Australia, New Zealand, the US and Europe. Its portfolio is geared toward neighbourhood and sub-regional centers.
28 JULY 2014, Australia