Abacus Property Group (ASX:ABP)
will buy a $65 million shopping center in Brisbane, Queensland.
Abacus has entered a joint venture with Zenonos Group to fund 75 per cent of the equity with Zenonos putting up the remaining 25 per cent.
Contracts have been exchanged for the purchase of Lutwyche City Centre, a four level neighbourhood shopping centre around 5 km north of the Brisbane CBD.
The 90 per cent occupied property contains Coles and Aldi supermarkets, speciality shops and a free-standing child care facility.
Abacus will provide property and asset management services to the centre. The deal is still subject to Foreign Investment Review Board approval.
Abacus reported a half yearly net profit of $62.64 million for the 2015 financial year.