A recently-established LaSalle Investment Management managed trust has acquired Home Hub Hills, a retail shopping centre in Sydney's Castle Hill, for $178.5 million.

Four industry super funds - AustSafe Super, Club Plus Super, Energy Super and Intrust Super - provided the equity capital through the unlisted trust structure, the LaSalle Australia Club Investments Trust.

"We have been reviewing the markets for some time seeking a larger asset in the range of $100 million to $250 million that would provide investors with a relatively high and reliable income yield and potential for medium-term growth," LaSalle head of Australia Steve Leigh said.

"The investment case for Home Hub Hills was strong and when combined with the new club-style ownership structure proved attractive to investors with an initial yield of approximately 9 per cent."
 
LaSalle worked closely with investors in designing the ownership vehicle and governance arrangements and this resulted in greater efficiency and lower fees. 
 
Home Hub Hills is a 52,000 square metre home centre in Sydney's north-western trading zone, and is occupied by bulky-good retailers, including Good Guys, JB Hi-Fi and Harvey Norman.

The property has an authority approval for a further 12,000 square metres of space to accommodate new anchor tenants.
 
Its trading area includes one of two planned urban growth corridors for Sydney and has significant potential for expansion.