A private investment vehicle backed by the billionaire Lowy family has partnered with global property fund manager PGIM Real Estate to purchase the Ed.Square Town Centre in Sydney for $248 million.
The transaction underscores the continued confidence of major institutional investors in Australia’s prime retail sector, even as broader residential market indicators show signs of softening.
The Lowy family, which built its fortune on the Westfield shopping centre empire before selling the group, has demonstrated a renewed focus on direct property acquisitions.
This marks the second time in the past twelve months that the family has invested in a shopping mall, highlighting a strategic pivot toward owning high-quality retail assets rather than solely relying on their legacy development brand.
PGIM Real Estate, one of the world’s largest property fund managers, brings significant scale and global capital to the partnership.
The acquisition of Ed.Square Town Centre, a prominent retail destination in Sydney’s eastern suburbs, aligns with a broader trend of international funds targeting established Australian retail properties that offer stable cash flows and long-term growth potential.