Cushman & Wakefield has boosted its retail ranks with the high profile appointment of Sashi Makkapati as Senior Director – National Retail Investments, formerly of CBRE.
Mr Makkapati’s appointment is a timely boost for Cushman & Wakefield as the company continues its strong growth agenda in Australia.
Cushman & Wakefield Australian Managing Director - Capital Markets Joshua Charles said the appointment signals the establishment of a dedicated retail investments service line to serve its growing number of private investors, local institutions and offshore investor clients.
“The value of retail investment transactions in Australia this year is tracking at around $4 billion, in line with the long term average, with the appetite for retail assets strong from a domestic and international investors,” Mr Charles said.
“This presents a prime opportunity for our Australian business. Cushman & Wakefield’s extensive international client base and strong global position enables us to focus on growth in this sector.
“In Sashi we welcome one of Australian retail property market’s experienced and capable professionals to help us drive market share in this competitive yet burgeoning market,” Mr Charles said.
Earlier this year Cushman & Wakefield Senior Director - Retail Investments Nick Potter negotiated the portfolio sale of six neighbourhood shopping centres on Australia’s eastern seaboard on behalf of Woolworths to a Singaporean based real estate investment manager for in excess of $152 million.
“The high level of offshore investor activity in the retail sector is continuing to grow and this presents a prime opportunity not only for our Australian business to leverage our global network, but also for our international clients looking favourably on Australia as an attractive retail investment destination.” Mr Potter said.
Mr Makkapati will work with Mr Potter to drive the company’s growth in the national retail investment space.
“Transaction volumes in the national retail investment market have been very strong thus far in 2014, with the second half particularly active in terms of activity. In October alone there has been close to $1 billion in retail transactions reported,” Mr Makkapati explained.
“The initial focus of our retail investments service line will be on the neighbourhood and sub-regional shopping centre category. Investor demand for these assets remains high due to the defensive nature of non-discretionary retail and strong tenant profile underpinning the rental income stream.
“For existing owners of quality retail centres this is an exciting time, as the weight of domestic and offshore money looking at Australian retail assets is extremely robust at present,” Mr Makkapati said.
For further information please contact:
Wise McBaron Communication
(02) 9279 4770