EG, a real estate fund manager in Australia, has sold Circle on Cavill retail centre in Surfers Paradise on Goald Coast to Macau businessman Loi Keong Kuong for A$61.8 million.
Located in the heart of one of Australia’s busiest tourism destinations, Surfers Paradise, the landmark mixed-use development features over 12,364 sqm of GLA across entertainment, dining health and convenience-based retail in addition to high-quality office accommodation.EG had acquired the site for A$40 million in 2011.
“We are very pleased with this result and also to see evidence that transactions of high-quality real estate are still completing in this cautionary environment” said EG fund manager Daniel Farley.
The transaction was brokered by JLL’s Jacob Swan and Sam Hatcher and McVay Real Estate’s Dan McVay and Sam McVay.
