The Dexus Wholesale Property Fund (DWPF) has agreed to sell the Deepwater Plaza sub-regional shopping centre in Woy Woy, NSW for $112 million, as the fund focuses on larger regional retail assets. 

Deepwater Plaza was the only sub-regional centre of its size on the Central Coast of NSW, spanning more than 15,000 sqm of retail space. 

The centre was home to Coles, Kmart, Best & Less, Service NSW and more than 45 specialty stores. 

The deal comes after the fund recently divested the Beenleigh Marketplace and Shepparton Marketplace sub-regional shopping centres.  

Beenleigh Marketplace was traded for $85 million, with settlement expected to occur in April 2023. 

Singapore-based Sim Lian – Metro Capital bought the Shepparton Marketplace property in regional Victoria from the fund for $88.1 million in October. 

“The divestments of these assets continues the implementation of the Fund’s strategy to hold larger regional retail assets,” DWPF Fund Manager Michael Sheffield said. 

DWPF is an open-ended unlisted property fund that owns interests in a $15 billion portfolio of office, retail and industrial properties located throughout Australia. 

Last month Dexus, which manages DWPF, announced the sale of six properties with combined proceeds of $483 million. 

Dexus traded its 50% stake in Australian Bragg Centre, Adelaide to the Dexus Healthcare Property Fund (DHPF) for $102.5 million and divested its 20 Distribution Drive property in Melbourne for $43.1 million. 

The company exchanged contracts to sell 8 Nicholson Street in Melbourne for $213.7 million and 112 Cullen Avenue in Eagle Farm for $31.9 million, reflecting an average 2.5% discount to book value at 30 June 2022. 

Dexus also sold 47 Acanthus Street in Darra for $15.9 million and 19 Stoddart Road in Prospect for $76.2 million, reflecting an average 12.5% discount to book value at 30 June 2022.