Canberra has recorded its largest ever shopping centre sale after a 94-year-old billionaire from Perth bought a half stake in Westfield Woden.
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GPT Wholesale Shopping Centre Fund announced on Wednesday it had sold its interest in the shopping centre to Perron Investments for $335 million.
Perron Investments is headed by Stan Perron, a Western Australian property investor whose portfolio boasts shopping centres, office blocks and royalties from iron ore.
GPT said the sale represented an 11.7 per cent premium to 30 September 2016 book value. The proceeds will be used to repay debt then potentially fund the future redevelopment of several of the fund's shopping centres.
Colliers International retail investment services Australia head Lachlan MacGillivray, who negotiated the sale, said Westfield Woden was just the fifth regional shopping centre to sell since October 2013.
"The sale of Westfield Woden has been widely anticipated by the Australian retail investment market due to a severe undersupply of major regional centre transactions over the past three years," he said.
"The significant campaign demand reflected the global view that major regional shopping centres are akin to key infrastructure assets by virtue of their highly defensive nature and ability to deliver long term consistent cash flows."
Westfield Woden is ranked among the top 50 centres in Australia with a gross lettable area of 74,400 square metres and specialty sales productivity at more than $9,000 per square metre.
It is home to David Jones, Coles, Woolworths, Hoyts and more than 230 speciality retailers.
Its settlement is expected "in the coming weeks".
Scentre Group owns and manages Westfield in Australia but did not respond to request for comment.
