Supermarket operator Woolworths has stolen a march on Coles, snapping up a small Sydney mall in which its arch rival is the main tenant and paying a hefty premium for the $68 million property in the process.
In a freshly inked deal, Woolworths has bought the centre from boutique fund manager IP Generation, which owned the asset for scarcely more than a year, acquiring it Proving that corporate giants have long memories, Woolworths’ move on the Miranda mall neatly parallels a swoop by its rival in Sydney’s Neutral Bay almost a decade ago when Coles bought outWoolworths’ tenancy is yet to expire there.
The transaction was brokered by JLL’s Nick Willis and Sam Hatcher, who declined to comment directly on the deal itself.
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