APN Property Group and Newmark Capital, co-headed by former Hawthorn player and AFL commissioner Chris Langford, have finalised a deal to buy the Lidcombe Power Centre, a retail site in Sydney’s western suburbs, for $52 million.
The pair will look to overhaul the centre, bought from Spotlight heir and Carlton director Zac Fried, into a subregional shopping centre worth about $120m and place it into a new fund.
APN has been active recently, launching its listed industrial property play, Industria, but the new fund will be unlisted. Newmark, where Langford is joint MD, last month took control of Bunnings-anchored buildings in Launceston and Maroochydore for its unlisted Hardware Property Trust No 1.
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APN Property Group and Newmark Capital finalise deal to buy the Lidcombe Power Centre in Sydney.
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