Frasers Property Australia has sold Ed.Square Town Centre, a retail asset in southwest Sydney, to joint venture partners PGIM’s Real Estate Investment Group and Assembly Funds Management (AFM) for A$248 million ($221.5 million), announced PGIM on July 2.
Frasers Property Australia launched the sale of the shopping mall earlier this year at A$250 million, alongside a portfolio of five Melbourne industrial assets last valued at a combined $218.9 million, as part of its capital recycling programme.
Located in Edmondson Park, about 44km southwest of Sydney’s Central Business District (CBD), Ed.Square Town Centre spans more than 24,500 sqm and houses 89 retailers, anchored by Coles supermarket, TK Maxx and Event Cinemas. The neighbourhood retail centre also houses nine other “mini-major tenants”, 78 speciality stores and close to 1,000 parking spaces.
Developed by Frasers Property Australia and completed in 2021, the retail property forms the retail and entertainment hub of the broader A$1.5 billion mixed-use Ed.Square precinct, which integrates residential, retail and commercial components alongside the Edmondson Park transport interchange.
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According to PGIM and AFM, the acquisition marks the establishment of a joint venture and operating platform in Australia focused on acquiring high-quality retail assets offering a resilient income profile and growth potential through active asset management.
The purchase follows the two groups’ acquisition of Woodgrove Shopping Centre in Melbourne’s west in September 2025.
Steve Bulloch, head of Australia, Real Estate, at PGIM, says Ed.Square Town Centre offers strong underlying fundamentals. “Its blend of daily-needs and entertainment retail, combined with direct integration with key transport infrastructure, positions the centre to significantly benefit from an increasing catchment over time.”
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Tim Meurer, chief investment officer at AFM, adds that the property was acquired at “an attractive basis relative to replacement cost” and believes the asset offers “compelling long-term potential that can be enhanced through active asset management”.
For Frasers Property Australia, the divestment is consistent with its capital recycling strategy to divest “well-established assets” at the “opportune” time, says Mark Gleeson, executive general manager of investment and capital transactions. “In addition to our recent site acquisitions, we continue to seek opportunities to showcase our expertise and create value developing new master-planned communities in our core eastern seaboard markets.”
The sale is the latest in Frasers Property Australia’s capital recycling strategy, following the divestments of Eastern Creek Quarter in western Sydney in May this year and Melbourne's Burwood Brickworks Shopping Centre in September last year.
PGIM is the global asset management business of New York-listed Prudential Financial, with some US$1.4 trillion in assets under management as at March 31.
Real estate private equity manager AFM was established in 2019 as a partnership between Michael Gutman, the Lowy Family Group and Alceon. AFM currently manages approximately A$1 billion of real estate assets across its flagship fund series, co-investments and syndicated investments on behalf of wholesale and institutional investors.
Photos: PGIM
