Billionaire property developer and Western Sydney Wanderers chairman Paul Lederer has taken over Stocklands Corrimal, changing the name of the northern Wollongong retail hub to Lederer Corrimal.
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Mr Lederer's company announced the change of ownership last week, pitching itself as a "family owned business" that thrives on "owning and operating neighbourhood, convenient and family friendly shopping centres with the community at heart".
They also advised customers to “watch this space” and said the group was planning on “investing in you and your community”.
The Lederer Group owns shopping centres at Richmond, Goulburn, Cessnock and is involved in a long-term plan to transform the urban centre of Gosford.
In an update to the Australian stock exchange, Stockland said the Corrimal sale was part of a move to "strategically reposition our retail town centres, recycling capital into leading assets". It valued the centre about about $70 million.
The sale comes amid significant planned changes for the Corrimal area, including a proposed massive 700-home redevelopment of the former cokeworks and an apartment complex project for the Corrimal Leagues Club site.