Brookfield wins Stockland deal
Brookfield Multiplex will build an extension to add a further 15,944 square metres of gross lettable area to the existing complex, bringing the total to more than 62,400 sq m of premium retail space with an additional 704 car parking spaces.
David Ghannoum, the NSW regional managing director at Brookfield Multiplex, said the redevelopment at Wetherill Park was an opportunity to extend the collaborative relationship with Stockland.
"We have forged a strong relationship in recent years having been involved in the redevelopment of Stockland Merrylands, completed in October last year, as well as Stockland Shellharbour which we're set to handover mid this year," he said.
The deal comes as Brookfield's US associate, Brookfield Office Properties, reported a solid result for its commercial property division for the year, thanks to acquisitions and asset restructuring.
For the year to December 31, the division's net operating income increased to $US1.35 billion ($1.3 billion) from $US1.01 billion in 2011.
During the year, the group, along with Brookfield Strategic Real Estate Partners, bought the outstanding equity of Thakral Holdings Group, which has given it exposure to Sydney's office and hotel market.
Frequently Asked Questions about this Article…
The Stockland Wetherill Park redevelopment is a $125 million extension of the shopping centre in south‑west Sydney. Brookfield Multiplex has been appointed as the preferred contractor to build the project.
The redevelopment will add 15,944 square metres of gross lettable area, bringing the shopping centre’s total to more than 62,400 square metres of premium retail space.
The project will add an additional 704 car parking spaces to the Stockland Wetherill Park shopping centre.
Brookfield Multiplex said the Wetherill Park job is an opportunity to extend its collaborative relationship with Stockland. The companies previously worked together on the Stockland Merrylands redevelopment (completed in October last year) and are set to hand over Stockland Shellharbour mid this year.
Brookfield’s US associate, Brookfield Office Properties, reported a solid result for its commercial property division: net operating income for the year to December 31 increased to US$1.35 billion from US$1.01 billion in 2011, helped by acquisitions and asset restructuring.
Yes. During the year, the Brookfield group together with Brookfield Strategic Real Estate Partners bought the outstanding equity of Thakral Holdings Group, which gave it exposure to Sydney’s office and hotel market.
Brookfield Multiplex was involved in the redevelopment of Stockland Merrylands, completed in October last year, and is working on Stockland Shellharbour, which was due for handover mid this year.
Investors should note the contract value ($125 million), the added gross lettable area (15,944 sq m), the new total retail space (more than 62,400 sq m), and the extra 704 car parking spaces — all indicators of a sizeable retail expansion managed by Brookfield Multiplex for Stockland.
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