MA Financial Scoops Up IPG’s $2bn Retail Portfolio

MA Financial Group has added a $2-billion retail portfolio to its holdings as the appetite for the sector stays keen. The global alternative asset manager has struck a deal to acquire the assets from Melbourne-based specialist real estate investment management IP Generation (IPG), for a fixed consideration of $90.4 million, predominantly in MA Financial shares. The business will be integrated into MA Financial’s real estate asset management platform. The deal grows the manager’s real estate assets under management to about $8 billion and total assets to around $12 billion. Formed in 2018, IPG manages retail assets across 10 funds that own 14 shopping centres in New South Wales, Queensland, Victoria and Western Australia on behalf of high-net-wealth investors. Those assets include Westfield Helensvale on the Gold Coast ( pictured ) and David Jones’s flagship Melbourne store. MA Financial joint chief executive Julian Biggins told The Urban Developer that IP Generation’s strong exposure to retail was “certainly a significant component” of the decision to acquire. “Retail, particularly in the form of shopping centres, has always been an asset class we’ve admired and invested in due to its resilient performance and the essential role it plays as a community hub,” he said. Biggins said MA Financial’s retail portfolio was underpinned by key fundamentals. “Firstly, these shopping centres are often situated in infill locations, which means they are land-rich and positioned in densely populated areas, making them integral to the community,” he said. “Secondly, they generate significant cash flow, driven by tenants that offer non-discretionary services such as grocery stores, medical centres and essential retail. “The scarcity of new supply, due to elevated construction costs and stringent development approvals, further enhances the value of these assets. “[And] the adaptability of shopping centres to integrate new services and businesses ensures their continued relevance and attractiveness.” ▲ David Jones, Bourke St Mall, is among the assets. Biggins said MA Financial saw significant opportunities to enhance the value of its retail portfolio through active management, reconfiguration, and incremental developments “such as adding pad sites for fast food outlets or petrol stations”. “Expansion of our retail portfolio will continue to be a strategic priority,” he said. “We will look for opportunities to acquire high-quality retail assets that offer attractive yields ... in growth corridors. “Our approach will remain disciplined, focusing on assets that can be acquired at a discount to replacement cost and offer the potential for value-add initiatives.” IPG’s 29 real estate investment professionals would join MA Financial’s real estate asset management business, creating a broad real estate funds management platform managing about $8 billion in core, alternative and real estate credit assets, MA Financial said. Following completion of the acquisition, IPG founder and chief executive Chris Lock will assume the role of head of core real estate at MA Financial. He will be responsible for the performance of the Core Real Estate business and its funds. IPG chairman David Blight and director Greg Miles will join MA Financial’s real estate asset management team. The acquisition consideration includes an $80-million upfront component payable 100 per cent in MAF shares, which will be issued subject to vesting conditions, and $10.4 million in deferred consideration, payable 50 per cent in cash and 50 per cent in MA Financial shares in 12 months. The transaction is expected to complete in the early stages of the second half of this year. ▲ The Cannon Park Entertainment Centre at Townsville. Family puts foot on regional retail centre Meanwhile, in further evidence of investor interest in the sector, a major retail and entertainment complex at Townsville has sold for $33.25 million off-market. The property, the Cannon Park Entertainment Centre at 16 High Range Drive and 30-52 Hervey Range Road, is a prominent multi-tenanted site comprising a mix of retail outlets and entertainment venues, including a cinema, 10-pin bowling alley and other well-established tenants. The asset was sold by US-based entertainment group Reading Cinemas and acquired by a private Australian family office “seeking stable returns and long-term growth in regional Queensland”, according to Ray White Commercial’s Peter Laoudikos, who introduced the buyer. The sale “represents a growing trend in high-yield regional retail investments driven by family offices and private capital”, he said. JLL represented the seller and Rethink Investments represented the buyer, an Australian family office. Reading International paid $31.5 million for the asset in 2016.

Retail
Lindsay Saunders AND Taryn Paris
Fri 23 May 25

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RetailLindsay Saunders AND Taryn ParisFri 23 May 25

MA Financial Scoops Up IPG’s $2bn Retail Portfolio

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Retail
Lindsay Saunders AND Taryn Paris
Fri 23 May 25