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Pialba Place. Source: Fraser Coast Chronicle
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  • Primewest (PWG) has added $92 million in assets after purchasing two regional shopping centres
  • The real estate developer is now the owner of Chester Pass Mall in Albany, West Australia and Pialba Place in Hervey Bay, Queensland
  • The two shopping centres are home to anchor tenants Coles, Bunnings, Woolworths and Big W
  • The weighted average lease expiry (WALE) of Pialba Place is around 5.3 years and 7.9 years at Chester Pass
  • On the market this afternoon, Primewest is down 1.60 per cent and is trading at $1.23 per share

Primewest (PWG) has added $92 million in assets after purchasing two regional shopping centres.

The real estate developer is now the owner of Chester Pass Mall in Albany, Western Australia and Pialba Place in Hervey Bay, Queensland.

The two shopping centres are home to anchor tenants Coles, Bunnings, Woolworths and Big W. The weighted average lease expiry (WALE) of Pialba Place is around 5.3 years and 7.9 years at Chester Pass.

Primewest is one of Australia’s most active and successful property fund managers, with over $4.9 billion of assets under management.

“Securing another $92 million in assets under management in a single transaction is a great outcome for Primewest which already has an extensive network of retail assets in both Queensland and WA,” Executive Chairman John Bond said.

“Both assets have been enhanced recently with the opening of a new Bunnings Warehouse at Chester Pass Mall earlier this month and ongoing improvements and leasing activity at Pialba Place,” he added.

“There is significant further development and leasing upside in both assets which will be delivered in the short to medium term,” he concluded.

On the market this afternoon, Primewest is down 1.60 per cent and is trading at $1.23 per share at 12:29 pm AEDT.

PWG by the numbers
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