ASX Announcement – New Funds Management Initiative Neeta City
Elanor Investors Group (“ENN” or “Group”) is pleased to announce the successful completion of the acquisition of the “Neeta City” sub-regional shopping centre located in Fairfield NSW, for $85.3million. The acquisition by the Fairfield Centre Syndicate (“Syndicate”) reflects a passing yield of 7.8% and a purchase price of $3,450 per m2 of lettable area, well below its replacement cost.
Located in the growing western Sydney metropolitan area, 300 metres from Fairfield’s train station, Neeta City is a convenience-based centre providing access to everyday goods and services. The centre presents significant opportunities to add value through repositioning.
To read the full announcement, click here.