Western Sydney University divests Caddens Corner neighbourhood shopping centre
Western Sydney University is pleased to announce it has sold its Caddens Corner Shopping Centre to Holdmark Property Group.
The recently opened Caddens Corner is part of the University’s ‘Western Growth’ strategy - a plan that is reshaping the University’s campus network and co-creating cities and infrastructure across Western Sydney. This is being done in partnership with industry and government and fosters a deep engagement with our local communities.
Western Sydney University will reinvest proceeds from the sale back into its core activities of teaching, engagement and research, enabling the University to maximise its investment and secure the financial sustainability of the University.
“By being a catalyst for development while simultaneously building a sustainable future for the University, we are enhancing our profile as a world-class institution and better serving our students, staff, communities and region,” said Western Sydney University Vice-President (Finance and Resources), Mr Peter Pickering.
“Residential developments are continuing to expand in the Penrith and surrounding areas. Caddens Corner is in a prime position to support the growing population and provide important services and amenities that enhance the liveability, productivity and sustainability of our local communities.”
Founder and CEO of Holdmark, Mr Sarkis Nassif, welcomed the announcement.
“The Holdmark philosophy is to create value with key community assets in well located suburbs. Caddens Corner provides us with the opportunity to add value to our diversified asset portfolio whilst working with the University on this key asset for western Sydney,” said Mr Nassif.
Caddens Corner is situated in the heart of Penrith’s Health and Wellbeing Precinct. More than half of Penrith’s workforce are local residents, with over 6,000 working in the health and education sector. Through growing investment, development and business opportunities, local jobs are expected to grow by over 45,000 in the next 12 years.
“Holdmark is proud to support Western Sydney University’s strategic vision around securing success. We look forward to partnering into the future with and supporting the University through practical programs for its students in construction and property. This is just one way of giving back to the community,” said Mr Nassif.
The successful sale follows an Expression of Interest campaign, which showed strong interest and demand for non-discretionary local neighbourhood retail centres. According to sales agent, JLL, the result was a competitive sale achieving an aggressive yield in a post-COVID environment.
The sale is due to settle in the early part of Quarter 2, 2021.
16 December 2020
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