Assembly Funds Management and PGIM Real Estate to acquire Woodgrove shopping centre from Queensland Investment Corporation for AUD440m.

Assembly Funds Management, a private equity real estate manager fund and PGIM Real Estate, a real estate investment management arm of Prudential Financial, agreed to acquire Woodgrove shopping centre, a dominant regional shopping centre in Melbourne’s western suburbs, from Queensland Investment Corporation, a Queensland government-owned institutional investor, for AUD440m. “We remain very selective in the retail space, but this opportunity ticks a number of boxes for us, offering a solid existing cash flow, trading performance, as well as several opportunities for asset enhancement,” Steve Bulloch, PGIM Real Estate Head of Australia.