With 2025 underway, I am excited about the opportunities that lie ahead for Haben. Over the past decade, we have built a strong foundation by strategically expanding our portfolio and deepening our expertise in retail investment and management. Our focus has never been on growth for its own sake but on identifying and unlocking value in high-quality assets.

The retail sector continues to evolve, and Haben is well-positioned to adapt to these shifts. Grocery and service anchored tenancies remain a core component of our portfolio, providing stable foot traffic and resilience in fluctuating market conditions. With Australia’s population growing and new retail construction limited, we see continued demand for well-located shopping centres that serve essential community needs.

The Australian cash rate has risen from 0.10% in 2022 to 4.35% today, placing pressure on asset values and distributable income. We remain selective in our asset acquisitions, focusing on properties that offer strong value, stability and upside opportunity. This ensures we can navigate the current economic environment while continuing to deliver strong risk adjusted returns to our investors. The Haben portfolio has continued to increase in value over the past 12 months, and our average FY24 distributions of 7% exceeded benchmark performance​.

Haben’s disciplined acquisition strategy remains a core pillar of our success. Our circa $900 million acquisition of Westpoint Shopping Centre – the largest 100% interest retail sale in Australian history—reinforcing our ability to identify, negotiate, and secure high-value assets in competitive environments​.

Despite lower transaction volumes across the sector, we believe 2025 presents a window of opportunity, as investor confidence rebounds and institutions reallocate capital to retail. Our strategic partnership with Hines on the Westpoint deal demonstrated the power of collaboration, enabling us to secure one of the most valuable retail assets in Sydney’s west.

As we continue to capitalise on these opportunities, we recognise that retail is no longer just about transactions—it’s about experience, engagement, and community connection. Across our portfolio of centres, we are enhancing foot traffic by incorporating diverse attractions such as sporting clubs, unique entertainment options and private medical services. Our expansion into these non-traditional tenant types, is redefining the role of our retail centres as multi-purpose community hubs.

Wollongong Central’s stunning mural celebrating local Illawarra Matilda and three-time Olympian, Caitlin Foord standing 14-metres-high, and created by talented fellow Illawarra local artist Claire Foxton is a great example of this. It champions ‘local’ and captures the essence of Wollongong Central as a place that connects with Wollongong’s urban texture and authentic spirit. The mural is on display on the external wall of Wollongong Central’s Richardson Lane entrance.

Retailers are seeking more substantial footprints to accommodate a broader range of products and services, and they are increasingly interested in securing long-term leases to establish a stable presence in high-demand areas. Additionally, there is a notable uptick in demand for categories such as health and wellness, specialty grocery, and experiential retail, which align with the evolving preferences of our communities.

Technology is another critical driver of transformation. In an Australian first, we successfully digitised tenant voting to extend trading hours in Townsville, streamlining engagement and setting a new standard for retail governance. We are continuously investing in digital tools and automation to enhance tenant relationships, optimise leasing decisions, and improve operational efficiencies.

Beyond retail, housing affordability remains a pressing issue in Australia, and shopping centres are uniquely positioned to aid in the solution. Haben has secured approvals for 600 residential units across our portfolio, to transform underutilised land into high-value, integrated precincts. As population density increases in key urban corridors, our assets will evolve to meet the demands of modern, mixed-use environments that blend retail, residential, and essential services.

And at the heart of our success? Our team and their commitment to fostering a high-performance, in-house expertise model. With over 130 employees, we continue to build capabilities across investment, asset management, leasing, ESG and development, ensuring we remain agile and competitive in both the private and institutional retail markets.

As we look to the future, we remain steadfast in our commitment to strategic growth, operational excellence, and innovation. With a clear vision and a highly skilled team, Haben is well-positioned to navigate evolving market dynamics and continue delivering sustainable, long-term value for our investors, tenants, and communities.

Here’s to another year of growth, innovation, and community impact.

Ben Finger

Managing Director

Haben