Plenary completes partial sale of South Wharf Retail

MELBOURNE, VICTORIA – Plenary Group is pleased to announce that it has sold one half of its interest in the South Wharf retail precinct to its joint venture partner, CFS Retail Property Trust Group.

The transaction sees Plenary Group revert to its original 25 per cent stake in the South Wharf retail assets.

Plenary Group increased its investment in the South Wharf retail assets to 50 per cent in 2010, forming a 50:50 joint venture with CFS Retail Property Trust Group.

Plenary Group Principal, Mr John O’Rourke, said, “As South Wharf’s original developer we committed to the precinct’s retail assets as a critical factor in the creation of a vibrant riverside precinct to complement the Melbourne Convention and Exhibition Centre”.

“To see the retail assets cemented as a commercial success with strong growth is very rewarding”, he said.

In CFS Retail Property Trust Group, the precinct’s retail assets have a majority owner naturally suited to ensuring continued growth.

Plenary Group will remain the sole long term equity investor across both the public and private sector assets at South Wharf including Melbourne Convention Centre, Hilton Melbourne South Wharf and, of course aminority 25 per cent stake in the South Wharf retail assets.

In the context of Plenary Group’s core business – as a developer of public infrastructure – its parallel investments in the precinct have facilitated greater scope to promote the economically important Melbourne Convention Centre to the international business tourism market.

Plenary Group is pleased with the manner in which its private sector investments have served to support this public asset and will facilitate further investments in South Wharf as and when appropriate opportunities arise.

Executive Director, Communications
+61 3 8888 7754
+61 418 530 806
chris.whitefield@plenary.com