The Adelaide Street Retail Fund acquired Adelaide Street Shopping Plaza, an underperforming neighbourhood shopping centre with a strong tenant history in Fremantle.
The asset was purchased on an 11% passing yield at a discount to replacement cost of over 50%.
The Centre provided a strong, cash flow yield, underpinned by a 20 year Woolworths lease, and other institutional grade tenants.
Woolworths subsequently surrendered its lease resulting in a significant payout to the Fund. Sirona is currently considering a number of redevelopment options.