With the easing of restrictions, retail figures surged a record 16.3% in May after a sharp contraction during the lockdown period. While still battling the competition of online shopping, quality centres continue to flourish. Amidst this market it has been reported that the Blackstone Group is selling Rundle Place Mall in Adelaide for about $210 million to Fortis Funds Management. 

Rundle Place Mall is a retail building with 83 specialty stores and a total of 23,176 sqm of retail space over four levels, plus extensive parking. It has a large customer base at its door as is part of a larger CBD complex which includes a 12-storey office building. The centre is anchored by a Coles supermarket and has numerous strong tenants including banks, Apple, all the major fashion and accessory chains, fast food outlets plus the City Library. 

The entire site was bought for $355 million in 2015 by property trusts associated with the Blackstone Group. The deal comprised of the long-term leasehold interest and freehold interest of the retail component; the prices attributed to these were $146,792,292 and $48,207,708 respectively.