Anthony El-Hazouri and Charbel Hazzouri founded Revelop in 2008.
Billionaire-owned property developer Revelop has bought a trio of Sydney shopping centres – Kareela Village, Quakers Court and Ingleburn Village – for $126.3m in off-market play that boosts its NSW shopping centre portfolio.
The purchase by the billionaire cousins who control Revelop adds to their network of neighbourhood shopping centres and residential developments. It is understood the portfolio was sold by the private Dan family.
The purchase comes as confidence in the convenience retail sector rises as it stays resilient in tough times and Revelop has proven savvy in building up its holdings through the cycle.
Cousins Anthony El-Hazouri, 36, and Charbel Hazzouri, 37, founded Revelop in 2008, and have amassed a portfolio of more than 80 commercial properties. Most of their deals have been in Sydney, including shopping centres at Greystanes, Frenchs Forest, Balgowlah and Forest Lodge.
Their estimated $2.84bn combined fortune placed them 63rd and 64th on this year’s edition of The List – Australia’s Richest 250.
The three centres span more than 20,000sq m of retail space and they are anchored by two Coles and one Woolworths supermarkets, alongside about 57 specialty retailers.
“These centres tick all the boxes for us: strong locations, leading supermarket anchors, established customer loyalty and clear opportunities to unlock additional value through hands-on ownership,” Mr El-Hazouri said. Revelop said the centres complemented its Sydney network and the assets have strong retail fundamentals.
“This acquisition expands our Sydney footprint and reinforces our confidence in the long-term strength of convenience retail. We’re excited to partner with retailers and local communities to continue improving these centres and building on their success,” Mr Hazzouri said.
JLL agents Sam Hatcher, Nick Willis, Sebastian Fahey and David Mahood handled the deal.
They said it was the largest neighbourhood centre portfolio sale in Sydney in more than a decade.